The Flint, MI market saw a drop in new home closings year-over-year in June, and the decline was by a larger percentage than the May 2015. New home closings moved from 9 a year earlier to none after the figure moved from 10 in May 2014 to 2 in May 2015.
New home closings were none out of the 708 total closings, down on a percentage basis from 9 of 697 a year earlier. Following a drop in May year-over-year, closings of new and existing homes jumped year-over-year in June.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 36.0% of existing home closings, below 42.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.0% in June from 15.3% a year earlier while REO closings as a percentage of existing home closings slid to 22.0% from 26.9% a year earlier.