In November, there was an increase in closings of new homes in the Monroe, MI market year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 11 in October 2014 to 8 in October 2015.
A total of 77 new homes were sold during the 12 months that ended in November, up from 76 for the year that ended in October.
7 of the 159 total closings were new home closings, a shift on a percentage basis from 6 out of 163 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $201,751, down from $206,818 a year earlier. This was on the heels of a 7.5% decline in October from a year earlier.
Average mortgage size on new homes increased to $174,527 from $147,215 last year. Average mortgage size on new homes went from $194,029 in October 2014 to $183,153 in October 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 fall from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 21.1% of closings, below 26.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.9% in November from 14.6% a year earlier while REO closings as a percentage of existing home closings grew to 13.2% from 11.5%.