Closings of new homes in the Saginaw, MI market remained steady year-over-year in January, remaining level after showing little movement in December from the year earlier. Closings stayed at 1, unchanged from a year earlier after being consistent at 2 in December from the year earlier.
Out of the 235 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes climbed year-over-year in January following a decline in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $225,400, an increase from $159,900 a year earlier. This followed a 33.5% fall in December from a year earlier.
From the year-ago figure of $79,900, the average mortgage size on new homes moved up to $166,400. Average mortgage size on new homes went from $205,800 in December 2014 to $160,296 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 52.6% of existing closings, lower than 61.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 24.8% in January from 34.7% a year earlier while REO closings as a percentage of existing home closings jumped to 27.8% from 26.7%.