Newest Figures Show New Home Sales Gain in Lansing, Prices Drop
Posted on: Nov 12, 2013 07:25:01 AM
Closings of new homes climbed year-over-year in August in the Lansing, MI market, and the increase was greater than July 2013. New home closings moved from 11 a year earlier to 14 after the figure moved from 14 in July 2012 to 17 in July 2013.
A total of 171 new homes were sold during the 12 months that ended in August, up from 168 for the year that ended in July.
14 of the 804 total closings were new home closings, a shift on a percentage basis from 11 out of 835 a year earlier. Following a year-over-year increase in July, closings of new and existing homes dropped year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $162,077, compared with $199,592 last year. This came after a 46.6% gain in July year-over-year.
Average mortgage size on new homes went from $192,285 a year earlier to $212,220. Average mortgage size on new homes went from $171,310 in July 2012 to $196,313 in July 2013.