Recent Numbers Show Prices of New Homes Gain in Lansing, Sales Drop
Posted on: Aug 08, 2014 11:31:25 AM
In May, there was a drop year-over-year in new home closings in the Lansing, MI market, and the decline was by a larger percentage than the April 2014. New home closings moved from 9 a year earlier to 2 after the figure moved from 11 in April 2013 to 5 in April 2014.
A total of 77 new homes were sold during the 12 months that ended in May, down from 84 for the year that ended in April.
2 of the 674 total closings were new home closings, a shift on a percentage basis from 9 out of 704 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $267,500, an increase from $216,711 a year earlier. This followed a 24.2% decline in April from a year earlier.
Average mortgage size on new homes went from $165,477 a year earlier to $215,610. Average mortgage size on new homes went from $211,091 in April 2013 to $190,326 in April 2014.