In April, the Muskegon, MI market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 1 after the figure moved from 6 in March 2015 to none in March 2016.
Last year, 5 of 150 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 145 total closings. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
The average new home price was $410,000, up from $238,507 a year earlier. This followed a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 2,170 square feet a year earlier to 2,872 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 40.3% of existing home closings, down from 49.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 20.1% in April from 24.8% a year earlier while REO closings as a percentage of existing home closings declined to 20.1% from 24.8% a year earlier.