New Home Prices Increase in Lansing According to Recent Figures, Sales Drop
Posted on: Jul 06, 2014 07:19:48 AM
Closings of new homes dropped year-over-year in April in the Lansing, MI market, but the decline was less than the year-over-year decline in March. New home closings moved from 14 a year earlier to 6 after the figure moved from 18 in March 2013 to 7 in March 2014.
A total of 171 new homes were sold during the 12 months that ended in April, down from 179 for the year that ended in March.
6 of the 574 total closings were new home closings, a shift on a percentage basis from 14 out of 711 a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $227,038 from last year's $205,041. This came after a 29.3% fall in March from a year earlier.
Average mortgage size on new homes moved from $204,021 to $204,884. Average mortgage size on new homes went from $200,508 in March 2013 to $165,792 in March 2014.