In the Muskegon, MI market in July, new home closings declined year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 7 a year earlier to none after the figure moved from 5 in June 2015 to 1 in June 2016.
Last year, 7 of 220 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 163 total closings. For new and existing homes, closings sank in July after also declining in June year-over-year.
Other Market Trends
There were no new home closings in July 2016, but average size of newly sold homes was 1,407 a year earlier.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 33.1% of existing closings, lower than 34.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.3% in July from 16.0% a year earlier while REO closings as a percentage of existing home closings rose to 20.9% from 18.8%.