New home closings increased year-over-year in February in the Saginaw, MI market,. Closings stood at 3 in February after being 1 a year earlier and remaining unchanged at 1 in January from a year earlier.
New home closings were 3 out of 187 total closings, making up 1.6%. This is up on a percentage basis from 1 of 182 a year earlier. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $218,233 from last year's $194,500. This came after a 41.0% gain in January year-over-year.
The average mortgage size on new homes was $252,415, up from $184,775. Average mortgage size on new homes went from $79,900 in January 2015 to $166,400 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 42.9% of existing home closings, below 61.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.6% in February from 30.9% a year earlier while REO closings as a percentage of existing home closings fell to 29.3% from 30.9% a year earlier.