New home closings in the Saginaw, MI market were unchanged year-over-year in July, staying relatively stable after having decreased year-over-year in June. Closings remained level at 2 from a year earlier after the figure moved from 5 in June 2015 to 1 in June 2016.
A total of 21 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 2 out of the 274 total closings, a move on a percentage basis from 2 of 353 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also fell year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $193,563, compared with $218,500 last year. This followed a 24.6% gain in June year-over-year.
The average mortgage size moved to $115,588, down from last year's $185,250. Average mortgage size on new homes went from $151,850 in June 2015 to $225,200 in June 2016.
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 July from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 29.0% of existing home closings, down from 37.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.8% in July from 16.2% a year earlier while REO closings as a percentage of existing home closings declined to 17.3% from 20.8% a year earlier.