In August, there was an increase in closings of new homes in the Niles, MI market year-over-year,. New home closings moved from 1 a year earlier to 2 after the figure moved from none in July 2014 to 1 in July 2015.
2 of the 315 total closings were new home closings, a shift on a percentage basis from 1 out of 259 a year earlier. Closings of new and existing homes grew year-over-year in August following a drop in July year-over-year.
The average price of new homes was $357,375, an increase from $310,000 a year earlier. This followed a shift to an average price of $207,700 in July 2015 after there were no closings in July 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 40.6% of existing home closings, above 26.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.3% in August from 11.2% a year earlier while REO closings as a percentage of existing home closings climbed to 32.3% from 15.1%.