Closings of new homes in the Saginaw, MI market remained unchanged year-over-year in December, staying level after a year-over-year decline in November from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 2 in November 2014 to 1 in November 2015.
New home closings were 2 out of the 231 total closings, a move on a percentage basis from 2 of 286 a year earlier. Following a year-over-year increase in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $190,450, down from last year's $286,450. This followed a 87.7% fall in November from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $205,800 to $160,296.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 2,084 square feet a year earlier to 1,561 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 48.5% of existing home closings, higher than 42.6% a year earlier. The percentage of existing home closings involving foreclosures went from 23.6% in December 2014 to 23.1% in December 2015 and REO closings as a percentage of existing home closings increased to 25.3% from 19.0%.