Niles, MI - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:32:03 AM
New home sales in the Niles, MI market remained steady year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at three from a year earlier after the figure moved from four in January 2011 to three in January 2012.
A total of 42 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were three out of three total sales, making up all. This is up on a percentage basis from three of 99 a year earlier. Sales of new and existing homes fell year-over-year in February after also falling in January year-over-year.
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The average price for newly sold homes moved north to $405,000 from $243,000 a year ago. This followed a more than twofold surge in January year-over-year.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for one of three last year. Meanwhile, attached units made up no part of new home sales after making up two of three sales a year earlier.
Niles, MI - Freshest New home Sales Remain Steady
Posted on: May 07, 2012 09:32:03 AM
New home sales in the Niles, MI market remained steady year-over-year in February, staying relatively stable after having decreased year-over-year in January. Sales remained level at three from a year earlier after the figure moved from four in January 2011 to three in January 2012.
A total of 42 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home sales were three out of three total sales, making up all. This is up on a percentage basis from three of 99 a year earlier. Sales of new and existing homes fell year-over-year in February after also falling in January year-over-year.
The average price for newly sold homes moved north to $405,000 from $243,000 a year ago. This followed a more than twofold surge in January year-over-year.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for one of three last year. Meanwhile, attached units made up no part of new home sales after making up two of three sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for no part of sales, below 61.5% a year earlier. The percentage of existing home sales involving foreclosures dropped to no part in February from 43.8% a year earlier while REO sales as a percentage of existing home sales declined to no part from 17.7% a year earlier.
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Source: Housing Intelligence