In the Saginaw, MI market, closings of new homes slid year-over-year in April, sliding after a growth 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.
1 of the 290 total closings were new home closings, a shift on a percentage basis from 2 out of 240 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also gained year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $186,500, down from last year's $217,450. This was on the heels of a shift from no closings in March 2015 to an average price of $195,000 in March 2016.
Average mortgage size on new homes increased to $183,121 from $140,000 last year.
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. Out of all existing home closings, foreclosures combined with REO closings accounted for 46.0% of closings, below 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.