In the Saginaw, MI market, new home closings sank year-over-year in April, dropping after a year-over-year increase in March 2016. New home closings moved from 2 a year earlier to 1 after the figure moved from none in March 2015 to 1 in March 2016.
A total of 24 new homes were sold during the 12 months that ended in April, down from 25 for the year that ended in March.
New home closings were 1 out of the 290 total closings, a move on a percentage basis from 2 of 240 a year earlier. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $186,500, compared with $217,450 last year. This came after a set of periods with no new home closings in both March 2016 or March 2015.
Average mortgage size on new homes went from $140,000 a year earlier to $183,121.
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 April from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 46.0% of existing closings, lower than 48.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 19.0% in April from 20.6% a year earlier and REO closings moved from 27.7% of existing home closings in April 2015 to 27.0% in April 2016.