New home closings in the Niles, MI market grew year-over-year in September, and the increase was similar to August 2015. New home closings moved from 1 a year earlier to 2 after the figure moved from 1 in August 2014 to 2 in August 2015.
New home closings were 2 out of the 264 total closings, a move on a percentage basis from 1 of 342 a year earlier. After rising year-over-year in August, closings of new and existing homes fell year-over-year in September.
The average price of new homes was $283,400, an increase from $170,391 a year earlier. This was on the heels of a 15.3% lift in August year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 25.6% of existing home closings, below 61.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.2% in September from 16.4% a year earlier while REO closings as a percentage of existing home closings sank to 16.4% from 45.5% a year earlier.