In April, the Muskegon, MI market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 1 after the figure moved from 6 in March 2015 to none in March 2016.
New home closings represented 1 out of the 145 total closings, which is a smaller percentage than the 5 of 150 total closings a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
The average new home value went from $238,507 last year to $410,000. This came after a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 2,170 square feet a year earlier to 2,872 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 40.3% of existing home closings, down from 49.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 20.1% in April from 24.8% a year earlier while REO closings as a percentage of existing home closings fell to 20.1% from 24.8% a year earlier.