In the Flint, MI market, new home closings declined year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 8 a year earlier to 1 after the figure moved from 12 in September 2014 to 10 in September 2015.
A total of 105 new homes were sold during the 12 months that ended in October, down from 112 for the year that ended in September.
New home closings were 1 out of the 743 total closings, a move on a percentage basis from 8 of 843 a year earlier. Following a year-over-year increase in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes was $220,000, an increase from $148,319 a year earlier. This came after a 14.7% surge in September year-over-year.
Average mortgage size on new homes rose from $146,827 to $165,000. Average mortgage size on new homes went from $157,507 in September 2014 to $154,066 in September 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings fell in October from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 43.7% of existing closings, lower than 46.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.1% in October from 19.2% a year earlier while REO closings as a percentage of existing home closings gained to 30.6% from 27.5%.