In August, the Monroe, MI market saw a drop year-over-year in new home closings, sliding after a growth in July 2015. New home closings moved from 10 a year earlier to 7 after the figure moved from 4 in July 2014 to 7 in July 2015.
A total of 73 new homes were sold during the 12 months that ended in August, down from 76 for the year that ended in July.
New home closings represented 7 out of the 219 total closings, which is a smaller percentage than the 10 of 211 total closings a year earlier. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $213,004, up from $204,708 a year earlier. This came after a 3.8% drop in July from a year earlier.
The average mortgage size moved to $190,357, down from last year's $198,004. Average mortgage size on new homes went from $177,702 in July 2014 to $189,711 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 15.6% of existing home closings, below 28.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.2% in August from 8.0% a year earlier while REO closings as a percentage of existing home closings sank to 10.4% from 20.4% a year earlier.