Monroe, MI - Local Housing Data - Summary

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Monroe, MI Local News

Newest Numbers Show New Home Sales Decline in Monroe

Posted on: Jul 06, 2014 07:24:40 AM

In April, there was a drop year-over-year in new home closings in the Monroe, MI market, and the decline was by a larger percentage than the March 2014. New home closings moved from 5 a year earlier to none after the figure moved from 6 in March 2013 to 4 in March 2014.

New home closings were 1.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 168 total closings. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 36.3% of existing home closings, below 49.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.3% in April from 24.9% a year earlier while REO closings as a percentage of existing home closings fell to 22.0% from 24.1% a year earlier.

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