The Niles, MI market saw a rise in new home closings in July year-over-year,. New home closings moved from 1 a year earlier to 2 after the figure moved from none in June 2015 to 2 in June 2016.
2 of the 349 total closings were new home closings, a shift on a percentage basis from 1 out of 234 a year earlier. After dropping in June from a year earlier, closings of new and existing homes climbed year-over-year in July.
The average value of newly sold homes in July 2016 was $192,283, down from last year's $207,700. This was on the heels of a set of periods with no new home closings in both June 2016 or June 2015.
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 rise in July from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 37.8% of existing home closings, above 22.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.2% in July from 11.6% a year earlier while REO closings as a percentage of existing home closings jumped to 19.6% from 11.2%.