New Home Sales and Prices Both Climb in Lansing According to Latest Data
Posted on: May 06, 2013 07:19:52 AM
New home closings in the Lansing, MI market rose year-over-year in February, rebounding from a year-over-year decline in January 2013. New home closings moved from four a year earlier to six after the figure moved from 15 in January 2012 to nine in January 2013.
A total of 146 new homes were sold during the 12 months that ended in February, up from 144 for the year that ended in January.
New home closings were six out of the 435 total closings, a move on a percentage basis from four of 549 a year earlier. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $214,545 from last year's $128,339. This was on the heels of a more than twofold bump in January year-over-year.
Average mortgage size on new homes increased to $177,734 from $155,183 last year. In January 2013, average mortgage size remained level from a year earlier at $157,701.