The Battle Creek, MI market saw no change in new home closings year-over-year in September, staying relatively stable after having decreased year-over-year in August. Closings remained level at 1 from a year earlier after the figure moved from 1 in August 2014 to none in August 2015.
Out of the 224 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in August, closings of new and existing homes declined year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $235,000 from $89,000 a year ago. 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 increase 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.