In the Flint, MI market, closings of new homes fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 9 a year earlier to 2 after the figure moved from 8 in April 2015 to 1 in April 2016.
A total of 83 new homes were sold during the 12 months that ended in May, down from 90 for the year that ended in April.
New home closings were 1.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 697 total closings. After dropping in April from a year earlier, closings of new and existing homes grew year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $296,000, an increase from $147,866 a year earlier. This followed a 34.4% rise in April year-over-year.
Average mortgage size on new homes increased to $264,700 from $160,683 last year. Average mortgage size on new homes went from $190,573 in April 2015 to $232,000 in April 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 declined in May from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 37.3% of existing closings, lower than 39.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.2% in May from 15.5% a year earlier and REO closings moved from 24.3% of existing home closings in May 2015 to 25.0% in May 2016.