New home closings in the Saginaw, MI market remained steady year-over-year in August, staying flat after advancing year-over-year in July from the year earlier. New home closings moved from 2 a year earlier to 2 after the figure moved from none in July 2014 to 1 in July 2015. Closings remained level at 2 from a year earlier after the figure moved from none in July 2014 to 1 in July 2015.
2 of the 325 total closings were new home closings, a shift on a percentage basis from 2 out of 214 a year earlier. Closings of new and existing homes climbed year-over-year in August after also rising in July year-over-year.
The average price for newly sold homes moved north to $288,500 from $119,950 a year ago. This came after a shift to an average price of $195,000 in July 2015 after there were no closings in July 2014.
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 fell in August from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 44.9% of closings, below 48.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 18.0% in August from 25.9% a year earlier while REO closings as a percentage of existing home closings jumped to 26.9% from 22.6%.