In July, the Muskegon, MI market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 3 a year earlier to 2 after the figure moved from 2 in June 2014 to 1 in June 2015.
2 of the 192 total closings were new home closings, a shift on a percentage basis from 3 out of 188 a year earlier. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $61,975, down from $182,763 a year earlier. This was on the heels of a 21.3% drop in June from a year earlier.
Average mortgage size on new homes fell from $177,309 to $59,918. Average mortgage size on new homes went from $198,075 in June 2014 to $159,080 in June 2015.
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 fell from 1,476 square feet a year earlier to 838 square feet.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 34.7% of closings, below 41.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.3% in July from 24.3% a year earlier while REO closings as a percentage of existing home closings climbed to 19.5% from 17.3%.