In April, closings of new homes increased year-over-year in the Monroe, MI market, and the increase was greater than March 2016. New home closings moved from 3 a year earlier to 9 after the figure moved from 4 in March 2015 to 8 in March 2016.
A total of 84 new homes were sold during the 12 months that ended in April, up from 78 for the year that ended in March.
New home closings were 9 of the 187 total closings, up on a percentage basis from 3 of 168 a year earlier. Following a fall in March year-over-year, closings of new and existing homes climbed year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $221,201 from $206,033 a year ago. This followed a 4.3% drop in March from a year earlier.
Average mortgage size on new homes rose from $112,962 to $179,249. Average mortgage size on new homes went from $185,966 in March 2015 to $199,308 in March 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 declined in April from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 26.4% of existing closings, lower than 35.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.1% in April from 17.6% a year earlier while REO closings as a percentage of existing home closings fell to 16.3% from 17.6% a year earlier.