Sales of New Homes Unchanged From a Year Ago in Niles According to Latest Data
Posted on: Aug 08, 2014 11:39:14 AM
New home closings in the Niles, MI market were unchanged year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. New home closings moved from none a year earlier to none after the figure moved from 1 in April 2013 to none in April 2014. Closings remained level at none from a year earlier after the figure moved from 1 in April 2013 to none in April 2014.
Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 39.3% of closings, below 45.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 19.6% in May from 23.6% a year earlier while REO closings as a percentage of existing home closings declined to 19.6% from 22.0% a year earlier.
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