In the Monroe, MI market, new home closings fell year-over-year in May, falling after a rise in April 2016. New home closings moved from 7 a year earlier to 5 after the figure moved from 3 in April 2015 to 9 in April 2016.
A total of 82 new homes were sold during the 12 months that ended in May, down from 84 for the year that ended in April.
New home closings were 5 out of the 223 total closings, a move on a percentage basis from 7 of 222 a year earlier. After rising in April from a year earlier, closings of new and existing homes stayed steady in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $218,278, compared with $228,593 last year. This was on the heels of a 7.4% surge in April year-over-year.
Average mortgage size on new homes fell from $202,114 to $174,990. Average mortgage size on new homes went from $112,962 in April 2015 to $179,249 in April 2016.
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 continued to drop from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 14.7% of existing closings, lower than 31.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.5% in May from 17.7% a year earlier while REO closings as a percentage of existing home closings slid to 9.2% from 13.5% a year earlier.