New Home Sales and Prices Both Gain in Monroe According to Recent Data
Posted on: Aug 08, 2014 11:37:26 AM
In the Monroe, MI market, new home closings grew year-over-year in May, rebounding from a year-over-year decline in April 2014. New home closings moved from 3 a year earlier to 5 after the figure moved from 5 in April 2013 to 2 in April 2014.
A total of 59 new homes were sold during the 12 months that ended in May, up from 57 for the year that ended in April.
New home closings were 5 out of 222 total closings, making up 2.3%. This is up on a percentage basis from 3 of 261 a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $174,650 last year to $189,197. This was on the heels of a 78.0% rise in April year-over-year.
Average mortgage size on new homes rose from $125,000 to $166,171. Average mortgage size on new homes went from $140,670 in April 2013 to $261,250 in April 2014.