New home closings sank year-over-year in September in the Saginaw, MI market, falling after remaining level in August from the year earlier. Closings stood at 0 in September after being 3 a year earlier and remaining unchanged at 2 in August from a year earlier.

None of the 353 total closings were new home closings, a shift on a percentage basis from 3 out of 349 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also climbed year-over-year in September.

Other Market Trends

There were no new home closings in September 2015, but average size of newly sold homes was 1,559 a year earlier.

Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 51.0% of closings, below 56.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.6% in September from 16.5% a year earlier and REO closings moved from 40.5% of existing home closings in September 2014 to 41.4% in September 2015.

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