The Monroe, MI market saw a drop in new home closings year-over-year in February, declining after staying relatively stable in January from the year earlier. Closings stood at 1 in February after being 3 a year earlier and remaining unchanged at 5 in January from a year earlier.
A total of 71 new homes were sold during the 12 months that ended in February, down from 73 for the year that ended in January.
Last year, 3 of 149 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 145 total closings. Following a year-over-year rise in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $221,475, up from $212,435 a year earlier. This came after a move from $211,312 per unit in January 2015 to $212,756 in January 2016.
Average mortgage size on newly sold homes saw a decline year-over-year from $175,608 to $166,106. Average mortgage size on new homes went from $172,830 in January 2015 to $199,767 in January 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 fell in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 28.5% of existing home closings, down from 32.9% a year earlier. The percentage of existing home closings involving foreclosures went from 14.4% in February 2015 to 14.6% in February 2016 and REO closings as a percentage of existing home closings declined to 13.9% from 18.5% a year earlier.