The Monroe, MI market saw no change in new home closings year-over-year in July, staying level after a year-over-year increase in June from a year earlier. Closings remained level at 7 from a year earlier after the figure moved from 9 in June 2015 to 12 in June 2016.
A total of 87 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
Out of the 237 total closings, 7 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $211,215 last year to $215,189. This was on the heels of a 11.5% lift in June year-over-year.
Average mortgage size on new homes increased to $195,495 from $189,711 last year. Average mortgage size on new homes went from $174,173 in June 2015 to $189,373 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 17.8% of existing closings, lower than 24.8% a year earlier. The percentage of existing home closings involving foreclosures went from 9.2% in July 2015 to 8.3% in July 2016 and REO closings as a percentage of existing home closings slid to 9.6% from 15.5% a year earlier.