Newest Numbers Show Prices of New Homes Rise in Kalamazoo, Sales Decline
Posted on: Jul 06, 2014 07:17:57 AM
Closings of new homes declined year-over-year in April in the Kalamazoo, MI market, falling after a rise in March 2014. New home closings moved from 13 a year earlier to 6 after the figure moved from 9 in March 2013 to 14 in March 2014.
A total of 148 new homes were sold during the 12 months that ended in April, down from 155 for the year that ended in March.
New home closings were 6 out of the 467 total closings, down on a percentage basis from 13 of 538 a year earlier. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $177,002 from $154,104 a year ago. This came after a 34.3% surge in March year-over-year.
From the year-ago figure of $154,837, the average mortgage size on new homes moved up to $165,223. Average mortgage size on new homes went from $201,693 in March 2013 to $214,012 in March 2014.