Recent Figures Show New Home Sales Increase in Lansing, Prices Drop
Posted on: Apr 06, 2014 07:22:38 AM
Closings of new homes in the Lansing, MI market climbed year-over-year in January, but the increase was less than December 2013. New home closings moved from 9 a year earlier to 10 after the figure moved from 11 in December 2012 to 15 in December 2013.
A total of 182 new homes were sold during the 12 months that ended in January, up from 181 for the year that ended in December.
New home closings were 10 out of the 445 total closings, a move on a percentage basis from 9 of 633 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $168,165, compared with $374,048 last year. This came after a 17.9% gain in December year-over-year.
Average mortgage size on new homes rose from $157,705 to $218,645. Average mortgage size on new homes went from $156,065 in December 2012 to $204,180 in December 2013.