In the Saginaw, MI market, closings of new homes slid year-over-year in September, declining after staying relatively stable in August from the year earlier. Closings stood at 0 in September after being 3 a year earlier and remaining unchanged at 2 in August from a year earlier.
None of the 353 total closings were new home closings, a shift on a percentage basis from 3 out of 349 a year earlier. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Other Market Trends
There were no new home closings in September 2015, but average size of newly sold homes was 1,559 a year earlier.
Foreclosures and real estate owned (REO) closings decreased in September from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 51.0% of closings, below 56.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.6% in September from 16.5% a year earlier and REO closings moved from 40.5% of existing home closings in September 2014 to 41.4% in September 2015.