Muskegon, MI - Local Housing Data - Summary

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Muskegon, Norton Shores, MI

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Muskegon, MI Local News

New Home Sales Climb in Muskegon, Prices Decrease According to Latest Data

Posted on: Apr 06, 2014 07:28:51 AM

There was a rise in new home closings in the Muskegon, MI market in January year-over-year, rebounding from a year-over-year decline in December 2013. New home closings moved from 1 a year earlier to 2 after the figure moved from 3 in December 2012 to 1 in December 2013.

A total of 23 new homes were sold during the 12 months that ended in January, up from 22 for the year that ended in December.

New home closings were 2 out of the 151 total closings, a move on a percentage basis from 1 of 142 a year earlier. For new and existing homes, closings increased year-over-year in January after also increasing in December year-over-year.

Pricing and Mortgage Trends

The average new home price was $124,000, down from $238,000 a year earlier. This was on the heels of a 23.2% drop in December from a year earlier.

The average mortgage size moved to $118,886, down from last year's $226,100. Average mortgage size on new homes went from $107,649 in December 2012 to $86,632 in December 2013.

 
 
 

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