Latest Figures Show New Home Prices Gain, Sales Decrease in Muskegon
Posted on: Dec 06, 2013 07:32:20 AM
In September, there was a fall year-over-year in new home closings in the Muskegon, MI market, and the decline was by a larger percentage than the August 2013. New home closings moved from 6 a year earlier to 1 after the figure moved from 5 in August 2012 to 3 in August 2013.
A total of 28 new homes were sold during the 12 months that ended in September, down from 33 for the year that ended in August.
New home closings were 1 out of the 310 total closings, down on a percentage basis from 6 of 163 a year earlier. Following a drop in August year-over-year, closings of new and existing homes climbed year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $362,687, an increase from $90,125 a year earlier. This came after a 17.9% surge in August year-over-year.
Average mortgage size on new homes rose from $109,069 to $290,149. Average mortgage size on new homes went from $69,694 in August 2012 to $123,489 in August 2013.