In the Flint, MI market in June, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 4 a year earlier to 2 after the figure moved from 9 in May 2015 to 2 in May 2016.
A total of 82 new homes were sold during the 12 months that ended in June, down from 84 for the year that ended in May.
New home closings were 2 out of the 761 total closings, a move on a percentage basis from 4 of 716 a year earlier. Closings of new and existing homes gained year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $133,000 from last year's $108,123. This followed a more than twofold rise in May year-over-year.
The average mortgage size went down to $91,000 from $117,270 a year earlier. Average mortgage size on new homes went from $160,683 in May 2015 to $264,700 in May 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 June from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 30.8% of existing home closings, down from 36.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.0% in June from 14.5% a year earlier and REO closings moved from 21.8% of existing home closings in June 2015 to 20.8% in June 2016.