New home closings in the Saginaw, MI market fell year-over-year in April, falling after a rise in March 2016. New home closings moved from 2 a year earlier to 1 after the figure moved from none in March 2015 to 1 in March 2016.

A total of 24 new homes were sold during the 12 months that ended in April, down from 25 for the year that ended in March.

New home closings were 1 out of the 290 total closings, a move on a percentage basis from 2 of 240 a year earlier. For new and existing homes, closings grew year-over-year in April after also increasing in March year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $186,500, compared with $217,450 last year. This was on the heels of a shift to an average price of $195,000 in March 2016 after there were no closings in March 2015.

Average mortgage size on new homes rose from $140,000 to $183,121.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 46.0% of existing home closings, down from 48.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.0% in April from 20.6% a year earlier and REO closings moved from 27.7% of existing home closings in April 2015 to 27.0% in April 2016.

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