New Home Sales Decline in Battle Creek According to Recent Data
Posted on: Jun 06, 2014 07:04:04 AM
In the Battle Creek, MI market, closings of new homes sank year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 0 in March after being 3 a year earlier and remaining unchanged at 0 in February from a year earlier. New home closings moved from 3 a year earlier to none after the figure moved from none in February 2013 to none in February 2014.
New home closings represented none out of the 136 total closings, which is a smaller percentage than the 3 of 208 total closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 55.1% of existing home closings, down from 58.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 27.9% in March from 24.4% a year earlier while REO closings as a percentage of existing home closings dropped to 27.2% from 34.1% a year earlier.
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