New home closings in the Muskegon, MI market dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 6 a year earlier to none after the figure moved from 3 in February 2015 to 2 in February 2016.
Last year, 6 of 179 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 166 total closings. Following a year-over-year increase in February, closings of new and existing homes slid year-over-year in March.
Other Market Trends
There were no new home closings in March 2016, but average size of newly sold homes was 1,653 a year earlier.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 47.6% of existing closings, lower than 48.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.3% in March from 23.1% a year earlier while REO closings as a percentage of existing home closings grew to 34.3% from 25.4%.