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.