There was an increase in new home closings in the Niles, MI market in January year-over-year,. New home closings moved from 1 a year earlier to 3 after the figure moved from none in December 2014 to 1 in December 2015.
New home closings were 3 out of 132 total closings, making up 2.3%. This is up on a percentage basis from 1 of 108 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also jumped year-over-year in January.
The average new home price was $173,000, down from $200,534 a year earlier. This followed a shift to an average price of $231,000 in December 2015 after there were no closings in December 2014.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 38.8% of closings, below 45.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 23.3% in January from 28.0% a year earlier while REO closings as a percentage of existing home closings sank to 15.5% from 17.8% a year earlier.