Michigan City, IN - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: Apr 09, 2012 07:48:04 PM
Sales of new homes dropped year-over-year in January in the Michigan City, IN market, and the decline was by a larger percentage than the December 2011. New home sales moved from one a year earlier to none after the figure moved from eight in December 2010 to two in December 2011.
A total of 39 new homes were sold during the 12 months that ended in January, down from 40 for the year that ended in December.
New home sales were none of the 91 total sales, down on a percentage basis from one of 92 a year earlier. Following a year-over-year rise in December, sales of new and existing homes fell year-over-year in January.
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Other Market Trends
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 42.9% of existing home sales. In January 2011, they made up 38.5%. The percentage of existing home sales involving foreclosures rose to 18.7% in January from 14.3% a year earlier while REO sales as a percentage of existing home sales stayed level at 24.2%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Michigan City, IN - Freshest Figures for New Home Sales Suggest Market Decrease is Mounting
Posted on: Apr 09, 2012 07:48:04 PM
Sales of new homes dropped year-over-year in January in the Michigan City, IN market, and the decline was by a larger percentage than the December 2011. New home sales moved from one a year earlier to none after the figure moved from eight in December 2010 to two in December 2011.
A total of 39 new homes were sold during the 12 months that ended in January, down from 40 for the year that ended in December.
New home sales were none of the 91 total sales, down on a percentage basis from one of 92 a year earlier. Following a year-over-year rise in December, sales of new and existing homes fell year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 42.9% of existing home sales. In January 2011, they made up 38.5%. The percentage of existing home sales involving foreclosures rose to 18.7% in January from 14.3% a year earlier while REO sales as a percentage of existing home sales stayed level at 24.2%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence