In February, the Flint, MI market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in January. New home closings moved from 4 a year earlier to 2 after the figure moved from 5 in January 2015 to 2 in January 2016.
A total of 110 new homes were sold during the 12 months that ended in February, down from 112 for the year that ended in January.
2 of the 534 total closings were new home closings, a shift on a percentage basis from 4 out of 529 a year earlier. After new and existing closings gained in January year-over-year, they stayed level in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $236,500 from $169,938 a year ago. This followed a 9.1% surge in January year-over-year.
Average mortgage size on new homes rose from $158,650 to $232,215. Average mortgage size on new homes went from $196,283 in January 2015 to $119,450 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 43.6% of closings, below 48.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.2% in February from 16.4% a year earlier while REO closings as a percentage of existing home closings sank to 28.4% from 32.0% a year earlier.