New home closings in the Monroe, MI market remained steady year-over-year in January, staying relatively stable after having decreased year-over-year in December. Closings remained level at 5 from a year earlier after the figure moved from 8 in December 2014 to 4 in December 2015.
A total of 73 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
New home closings were 5 out of the 186 total closings, a move on a percentage basis from 5 of 149 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also increased year-over-year in January.
Pricing and Mortgage Trends
The average price for new homes in January 2016 was $212,756, a shift from $211,312 last year. This came after a 13.2% decline in December from a year earlier.
From the year-ago figure of $172,830, the average mortgage size on new homes moved up to $199,767. Average mortgage size on new homes went from $181,495 in December 2014 to $168,647 in December 2015.
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 declined in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 31.5% of existing home closings, below 39.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.4% in January from 23.6% a year earlier while REO closings as a percentage of existing home closings jumped to 17.1% from 16.0%.