Kalamazoo, MI - Freshest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:20:04 AM
Sales of new homes in the Kalamazoo, MI market dropped year-over-year in February, dropping after a year-over-year increase in January 2012. New home sales moved from 13 a year earlier to three after the figure moved from five in January 2011 to 11 in January 2012.
A total of 171 new homes were sold during the 12 months that ended in February, down from 181 for the year that ended in January.
Last year, 13 of 332 total sales were new homes, and this percentage saw a decline as new home sales this year made up three of the 286 total sales. For new and existing homes, sales declined in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average new home value went from $147,031 last year to $242,380,. This came after a 40.1% lift in January year-over-year.
Average mortgage size on new homes went from $185,169 a year earlier to $273,745. Average mortgage size on new homes went from $168,075 in January 2011 to $273,609 in January 2012.
Kalamazoo, MI - Freshest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:20:04 AM
Sales of new homes in the Kalamazoo, MI market dropped year-over-year in February, dropping after a year-over-year increase in January 2012. New home sales moved from 13 a year earlier to three after the figure moved from five in January 2011 to 11 in January 2012.
A total of 171 new homes were sold during the 12 months that ended in February, down from 181 for the year that ended in January.
Last year, 13 of 332 total sales were new homes, and this percentage saw a decline as new home sales this year made up three of the 286 total sales. For new and existing homes, sales declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $147,031 last year to $242,380,. This came after a 40.1% lift in January year-over-year.
Average mortgage size on new homes went from $185,169 a year earlier to $273,745. Average mortgage size on new homes went from $168,075 in January 2011 to $273,609 in January 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for six of 13 last year. Meanwhile, attached units made up no part of new home sales after making up seven of 13 sales a year earlier.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 61.1% of sales. They accounted for 70.2% in February 2011. The percentage of existing home sales involving foreclosures slid to 29.3% in February from 45.8% a year earlier while REO sales as a percentage of existing home sales increased to 31.8% from 24.5%.
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Source: Housing Intelligence