Latest Figures Show New Home Sales and Prices Decrease in Muskegon
Posted on: May 06, 2013 07:25:15 AM
In the Muskegon, MI market, closings of new homes slid year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from two a year earlier to one after the figure moved from six in January 2012 to one in January 2013.
A total of 37 new homes were sold during the 12 months that ended in February, down from 38 for the year that ended in January.
One of the 182 total closings were new home closings, a shift on a percentage basis from two out of 209 a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2013 went down to $63,000 from $155,399 last year. This was on the heels of a more than twofold gain in January year-over-year.
Average mortgage size on new homes fell from $151,455 to $61,858. Average mortgage size on new homes went from $101,303 in January 2012 to $226,100 in January 2013. For newly sold homes, the percentage of sale price being financed moved to 98.2% from a year earlier figure of 97.5%. In January 2013, the figure saw a 1.5 percentage point decline from the year earlier.