The Monroe, MI market saw an increase in closings of new homes in March year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 4 a year earlier to 9 after the figure moved from 3 in February 2015 to 2 in February 2016.
A total of 77 new homes were sold during the 12 months that ended in March, up from 72 for the year that ended in February.
New home closings were 9 of the 183 total closings, up on a percentage basis from 4 of 202 a year earlier. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $198,589, down from last year's $224,024. This followed a 38.5% fall in February from a year earlier.
Average mortgage size on new homes fell from $185,966 to $181,559. Average mortgage size on new homes went from $175,608 in February 2015 to $166,106 in February 2016.
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 increase in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.6% of existing home closings, higher than 28.8% a year earlier. The percentage of existing home closings involving foreclosures went from 13.6% in March 2015 to 13.8% in March 2016 and REO closings as a percentage of existing home closings grew to 17.8% from 15.2%.