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 Decline According to Latest Data

Posted on: Aug 08, 2014 11:38:05 AM

New home closings in the Muskegon, MI market climbed year-over-year in May, rebounding from a year-over-year decline in April 2014. New home closings moved from 1 a year earlier to 2 after the figure moved from 6 in April 2013 to 4 in April 2014.

A total of 22 new homes were sold during the 12 months that ended in May, up from 21 for the year that ended in April.

2 of the 164 total closings were new home closings, a shift on a percentage basis from 1 out of 186 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.

Pricing and Mortgage Trends

The average new home price was $235,400, down from $357,000 a year earlier. This was on the heels of a 21.7% bump in April year-over-year.

The average mortgage size went down to $219,355 from $321,300 a year earlier. Average mortgage size on new homes went from $106,181 in April 2013 to $164,506 in April 2014.

 
 
 

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