In June, there was an increase in closings of new homes in the Monroe, MI market year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 9 a year earlier to 12 after the figure moved from 7 in May 2015 to 6 in May 2016.
A total of 87 new homes were sold during the 12 months that ended in June, up from 84 for the year that ended in May.
New home closings were 12 of the 260 total closings, up on a percentage basis from 9 of 253 a year earlier. For new and existing homes, closings climbed year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $210,288, up from $188,644 a year earlier. This was on the heels of a 4.4% drop in May from a year earlier.
Average mortgage size on new homes increased to $189,373 from $174,173 last year. Average mortgage size on new homes went from $202,114 in May 2015 to $183,114 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.1% of existing closings, lower than 17.6% a year earlier. The percentage of existing home closings involving foreclosures went from 6.6% in June 2015 to 6.0% in June 2016 and REO closings moved from 11.1% of existing home closings in June 2015 to 10.1% in June 2016.