In the Monroe, MI market, new home closings increased year-over-year in July, and the increase was greater than June 2015. New home closings moved from 4 a year earlier to 6 after the figure moved from 8 in June 2014 to 9 in June 2015.
A total of 71 new homes were sold during the 12 months that ended in July, up from 69 for the year that ended in June.
6 of the 236 total closings were new home closings, a shift on a percentage basis from 4 out of 230 a year earlier. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $197,268, down from last year's $219,527. This was on the heels of a 9.7% fall in June from a year earlier.
Average mortgage size on new homes rose from $177,702 to $180,469. Average mortgage size on new homes went from $202,405 in June 2014 to $174,173 in 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 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 22.6% of closings, below 24.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.1% in July from 11.5% a year earlier and REO closings moved from 13.3% of existing home closings in July 2014 to 13.5% in July 2015.