Latest Numbers Indicate New Home Closings and Prices Decrease in Muskegon
Posted on: Mar 06, 2014 07:29:13 AM
In the Muskegon, MI market in December, new home closings declined year-over-year, dropping after staying level in November. Closings stood at 1 in December after being 3 a year earlier and remaining unchanged at 2 in November from a year earlier.
A total of 22 new homes were sold during the 12 months that ended in December, down from 24 for the year that ended in November.
New home closings were 1.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 186 total closings. Following a year-over-year increase in November, closings of new and existing homes also grew year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2013 was $84,900, down from last year's $110,516. This was on the heels of a more than twofold lift in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $107,649 to $86,632. Average mortgage size on new homes went from $102,040 in November 2012 to $211,924 in November 2013.