Closings of new homes declined year-over-year in March in the Flint, MI market, and the decline was by a larger percentage than the February 2016. New home closings moved from 14 a year earlier to 1 after the figure moved from 4 in February 2015 to 2 in February 2016.
A total of 97 new homes were sold during the 12 months that ended in March, down from 110 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 0.1% from 1.9% a year earlier. Following a year-over-year increase in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $242,390 from last year's $139,239. This was on the heels of a 39.2% hike in February year-over-year.
Average mortgage size on new homes rose from $119,600 to $175,600. Average mortgage size on new homes went from $158,650 in February 2015 to $232,215 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 47.1% of existing home closings, down from 53.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.2% in March from 20.9% a year earlier and REO closings moved from 32.8% of existing home closings in March 2015 to 31.9% in March 2016.