New home closings in the Battle Creek, MI market stayed the same year-over-year in September, staying level after a year-over-year decline in August from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 1 in August 2014 to none in August 2015.
New home closings were 1 out of the 224 total closings, same on a percentage basis as a year earlier. Following a year-over-year rise in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $235,000, an increase from $89,000 a year earlier. This was on the heels of a.
The average mortgage size on new homes was $223,250, up from $87,564.
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 rise in September from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 44.8% of existing home closings, above 44.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in September from 10.6% a year earlier and REO closings moved from 33.3% of existing home closings in September 2014 to 33.2% in September 2015.