Freshest Numbers For Lansing Show New Home Closings and Prices Gain
Posted on: Mar 06, 2014 07:22:53 AM
There was a rise in closings of new homes in the Lansing, MI market in December year-over-year, but the increase was less than November 2013. New home closings moved from 11 a year earlier to 16 after the figure moved from 10 in November 2012 to 19 in November 2013.
A total of 182 new homes were sold during the 12 months that ended in December, up from 177 for the year that ended in November.
16 of the 587 total closings were new home closings, a shift on a percentage basis from 11 out of 637 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $216,754 from $188,381 a year ago. This was on the heels of a 5.0% bump in November year-over-year.
The average mortgage size on new homes was $204,180, up from $156,065. Average mortgage size on new homes went from $188,201 in November 2012 to $212,145 in November 2013.