In the Muskegon, MI market, new home closings dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 3 a year earlier to 2 after the figure moved from 4 in January 2015 to 1 in January 2016.
2 of the 141 total closings were new home closings, a shift on a percentage basis from 3 out of 138 a year earlier. Closings of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home value went from $190,000 last year to $204,250. This followed a 68.4% decline in January from a year earlier.
Average mortgage size on new homes went from $70,000 a year earlier to $127,400. Average mortgage size on new homes went from $155,000 in January 2015 to $78,551 in January 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.
The average unit size of newly sold homes rose from 1,720 square feet a year earlier to 1,807 square feet.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 49.6% of existing home closings, below 60.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.3% in February from 22.2% a year earlier while REO closings as a percentage of existing home closings dropped to 32.4% from 38.5% a year earlier.