New home closings dropped year-over-year in July in the Battle Creek, MI market, falling after remaining level in June from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in June 2015 to none in June 2016. Closings stood at 0 in July after being 1 a year earlier and remaining unchanged at 0 in June from a year earlier.
New home closings were none out of the 2 total closings, a move on a percentage basis from 1 of 213 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented no part of existing home closings, below 30.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to no part in July from 16.5% a year earlier while REO closings as a percentage of existing home closings declined to no part from 13.7% a year earlier.