Latest Numbers Show New Home Closings Increase in Monroe, Prices Decrease
Posted on: Dec 06, 2013 07:31:29 AM
The Monroe, MI market saw an increase in closings of new homes in September year-over-year, and the increase was greater than August 2013. New home closings moved from 1 a year earlier to 2 after the figure moved from 5 in August 2012 to 6 in August 2013.
New home closings were 2 out of the 181 total closings, a move on a percentage basis from 1 of 226 a year earlier. Closings of new and existing homes fell year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $137,950, down from $158,995 a year earlier. This followed a 25.2% surge in August year-over-year.
The average mortgage size went down to $120,951 from $127,196 a year earlier. Average mortgage size on new homes went from $110,933 in August 2012 to $169,109 in August 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in September 2013.