In December, there was a decline year-over-year in new home closings in the Monroe, MI market, sliding after a growth in November 2015. New home closings moved from 8 a year earlier to 4 after the figure moved from 6 in November 2014 to 7 in November 2015.

A total of 73 new homes were sold during the 12 months that ended in December, down from 77 for the year that ended in November.

New home closings were 4.5% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 196 total closings. After staying stable in November from a year earlier, closings of new and existing homes gained in December.

Pricing and Mortgage Trends

The average per-unit price of new homes was $186,683, compared with $215,117 last year. This came after a 2.4% decline in November from a year earlier.

Average mortgage size on new homes fell from $181,495 to $168,647. Average mortgage size on new homes went from $147,215 in November 2014 to $174,527 in November 2015.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 24.0% of existing closings, lower than 37.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.9% in December from 18.8% a year earlier while REO closings as a percentage of existing home closings dropped to 13.0% from 18.2% a year earlier.

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