In the Saginaw, MI market, closings of new homes gained year-over-year in May, rebounding from a year-over-year decline in April 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 2 in April 2015 to 1 in April 2016.
A total of 25 new homes were sold during the 12 months that ended in May, up from 24 for the year that ended in April.
2 of the 271 total closings were new home closings, a shift on a percentage basis from 1 out of 324 a year earlier. Following a year-over-year rise in April, closings of new and existing homes sank year-over-year in May.
The average new home price was $221,400, down from $275,400 a year earlier. This followed a 14.2% decline in April from a year earlier.
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 declined in May from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 35.7% of closings, below 44.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.8% in May from 17.0% a year earlier while REO closings as a percentage of existing home closings declined to 24.9% from 26.9% a year earlier.