In the Flint, MI market, new home closings dropped year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 18 a year earlier to 3 after the figure moved from 9 in November 2014 to 2 in November 2015.
A total of 87 new homes were sold during the 12 months that ended in December, down from 102 for the year that ended in November.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 641 total closings. After dropping in November from a year earlier, closings of new and existing homes rose year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $165,809 last year to $199,267. This followed a 77.9% hike in November year-over-year.
Average mortgage size on new homes went from $176,753 a year earlier to $179,450. Average mortgage size on new homes went from $140,903 in November 2014 to $228,937 in November 2015.
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 December from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 44.7% of existing home closings, below 46.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 18.8% in December from 22.5% a year earlier while REO closings as a percentage of existing home closings jumped to 25.9% from 23.8%.