Closings of new homes in the Monroe, MI market jumped year-over-year in September, rebounding from a year-over-year decline in August 2015. New home closings moved from 7 a year earlier to 8 after the figure moved from 10 in August 2014 to 7 in August 2015.
A total of 78 new homes were sold during the 12 months that ended in September, up from 77 for the year that ended in August.
New home closings were 8 out of the 248 total closings, a move on a percentage basis from 7 of 269 a year earlier. Following a year-over-year increase in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $202,326, down from $211,425 a year earlier. This came after a 4.1% rise in August year-over-year.
Average mortgage size on new homes increased to $189,587 from $175,022 last year. Average mortgage size on new homes went from $198,004 in August 2014 to $190,357 in August 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 fell in September from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 30.0% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.5% in September from 13.0% a year earlier while REO closings as a percentage of existing home closings rose to 22.5% from 19.8%.