Prices of New Homes Increase in Niles, Sales Steady According to Latest Figures
Posted on: Jul 06, 2014 07:25:59 AM
Closings of new homes in the Niles, MI market remained steady year-over-year in April, staying relatively stable after having decreased year-over-year in March. Closings remained level at 1 from a year earlier after the figure moved from 1 in March 2013 to none in March 2014.
New home closings were 1 out of the 133 total closings, a move on a percentage basis from 1 of 176 a year earlier. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
The average price of new homes rose to $216,900 from last year's $161,000. This came after a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 55.3% of existing home closings, above 54.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 25.8% in April from 21.7% a year earlier while REO closings as a percentage of existing home closings dropped to 29.5% from 32.6% a year earlier.