Closings of new homes in the Flint, MI market sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 16 a year earlier to none after the figure moved from 6 in July 2014 to 1 in July 2015.
Last year, 16 of 690 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 661 total closings. After rising year-over-year in July, closings of new and existing homes sank year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 30.7% of closings, below 36.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.1% in August from 18.7% a year earlier and REO closings moved from 17.5% of existing home closings in August 2014 to 16.6% in August 2015.