Closings of new homes slid year-over-year in November in the Muskegon, MI market, declining after staying relatively stable in October from the year earlier. Closings stood at 0 in November after being 4 a year earlier and remaining unchanged at 2 in October from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.6% a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 1,718 a year earlier.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 42.6% of existing home closings, below 44.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.5% in November from 22.4% a year earlier while REO closings as a percentage of existing home closings jumped to 29.1% from 22.4%.