In April, closings of new homes in the Monroe, MI market rose year-over-year, 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 out of 187 total closings, making up 4.8%. This is up on a percentage basis from 3 of 168 a year earlier. Following a decline in March year-over-year, closings of new and existing homes gained 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% fall in March from a year earlier.
The average mortgage size on new homes was $179,249, up from $112,962. 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 decreased in April from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 26.4% of closings, below 35.2% a year earlier. The percentage of existing home closings involving foreclosures sank 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.