New home closings declined year-over-year in July in the Flint, MI market, but the decline was less than the year-over-year decline in June. New home closings moved from 6 a year earlier to 1 after the figure moved from 9 in June 2014 to none in June 2015.
New home closings were 1 out of the 792 total closings, a move on a percentage basis from 6 of 768 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $193,000, an increase from $140,967 a year earlier. This followed a.
Average mortgage size on new homes increased to $189,504 from $123,912 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 40.1% of existing home closings, below 40.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 19.0% in July from 21.8% a year earlier while REO closings as a percentage of existing home closings climbed to 21.1% from 19.2%.