New home closings in the Flint, MI market declined 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.
On a percentage basis, new home closings as a part of total closings decreased to 0.3% from 1.3% a year earlier. Closings of new and existing homes rose year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $296,000, up from $147,866 a year earlier. This came after a 34.4% gain in April year-over-year.
The average mortgage size on new homes was $264,700, up from $160,683. 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 fell in May from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 37.3% of existing closings, lower than 39.8% a year earlier. The percentage of existing home closings involving foreclosures fell 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.