In May, closings of new homes gained year-over-year in the Niles, MI market,. New home closings moved from 1 a year earlier to 2 after the figure moved from none in April 2015 to 1 in April 2016.
2 of the 263 total closings were new home closings, a shift on a percentage basis from 1 out of 166 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also climbed year-over-year in May.
The average price of new homes rose to $201,000 from last year's $173,676. This was on the heels of a set of periods with no new home closings in both April 2016 or April 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 24.5% of existing home closings, below 35.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.3% in May from 20.0% a year earlier while REO closings as a percentage of existing home closings dropped to 12.3% from 15.8% a year earlier.