Muskegon, MI - Freshest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:30:29 AM
In the Muskegon, MI market in February, sales of new homes slid year-over-year, falling after a rise in January 2012. New home sales moved from three a year earlier to two after the figure moved from three in January 2011 to seven in January 2012.
A total of 61 new homes were sold during the 12 months that ended in February, down from 62 for the year that ended in January.
New home sales were two out of the 168 total sales, a move on a percentage basis from three of 160 a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Advertisement
Pricing and Mortgage Trends
The average price of new homes sold in February 2012 rose to $155,399 from the year-earlier figure of $96,000. This was on the heels of a 65.1% decline in January from a year earlier.
Average mortgage size on new homes went from $87,264 a year earlier to $151,455. Average mortgage size on new homes went from $202,303 in January 2011 to $101,303 in January 2012.
Muskegon, MI - Freshest Figures for New Home Sales Fall Year-Over-Year in February After Climbing Year-Over-Year in January
Posted on: May 07, 2012 09:30:29 AM
In the Muskegon, MI market in February, sales of new homes slid year-over-year, falling after a rise in January 2012. New home sales moved from three a year earlier to two after the figure moved from three in January 2011 to seven in January 2012.
A total of 61 new homes were sold during the 12 months that ended in February, down from 62 for the year that ended in January.
New home sales were two out of the 168 total sales, a move on a percentage basis from three of 160 a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes sold in February 2012 rose to $155,399 from the year-earlier figure of $96,000. This was on the heels of a 65.1% decline in January from a year earlier.
Average mortgage size on new homes went from $87,264 a year earlier to $151,455. Average mortgage size on new homes went from $202,303 in January 2011 to $101,303 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales represented 86.1% of sales, relatively unmoved from a year earlier. The percentage of existing home sales involving foreclosures fell to 42.8% in February from 52.9% a year earlier while REO sales as a percentage of existing home sales rose to 43.4% from 33.8%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence