Kalamazoo, MI - Local Housing Data - Summary

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Kalamazoo, Portage, MI

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Kalamazoo, MI Local News

New Home Closings and Prices in Kalamazoo Decrease According to Newest Figures

Posted on: Aug 08, 2014 11:29:00 AM

The Kalamazoo, MI market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 15 a year earlier to 8 after the figure moved from 12 in April 2013 to 9 in April 2014.

A total of 116 new homes were sold during the 12 months that ended in May, down from 123 for the year that ended in April.

8 of the 501 total closings were new home closings, a shift on a percentage basis from 15 out of 590 a year earlier. Closings of new and existing homes fell year-over-year in May after also falling in April year-over-year.

Pricing and Mortgage Trends

The average new home price was $215,120, down from $237,794 a year earlier. This followed a 3.9% rise in April year-over-year.

Average mortgage size on new homes increased to $276,095 from $189,952 last year. Average mortgage size on new homes went from $167,459 in April 2013 to $198,430 in April 2014.

 
 
 

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