In June, there was a fall year-over-year in new home closings in the Saginaw, MI market, sliding after a growth in May 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 1 in May 2015 to 2 in May 2016.
A total of 21 new homes were sold during the 12 months that ended in June, down from 25 for the year that ended in May.
New home closings were 1 out of the 317 total closings, a move on a percentage basis from 5 of 383 a year earlier. For new and existing homes, closings declined in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $241,941 from last year's $194,170. This was on the heels of a 19.6% decline in May from a year earlier.
Average mortgage size on new homes rose from $151,850 to $225,200.
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.
The average unit size of newly sold homes rose from 1,734 square feet a year earlier to 1,776 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in June from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 41.1% of existing home closings, up from 39.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.5% in June from 18.0% a year earlier while REO closings as a percentage of existing home closings jumped to 31.6% from 21.2%.