New home closings in the Saginaw, MI market were unchanged year-over-year in September, staying level after a year-over-year increase in August from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in August 2015 to 4 in August 2016.
A total of 26 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
1 of the 359 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Closings of new and existing homes gained year-over-year in September following a drop in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $270,000 from last year's $216,000. This came after a 27.5% fall in August from a year earlier.
Average mortgage size on new homes rose from $194,400 to $255,000. Average mortgage size on new homes went from $308,000 in August 2015 to $164,160 in August 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2016.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 47.2% of existing home closings, down from 50.6% a year earlier. The percentage of existing home closings involving foreclosures went from 9.7% in September 2015 to 10.3% in September 2016 and REO closings as a percentage of existing home closings fell to 36.9% from 40.9% a year earlier.