Closings of new homes slid year-over-year in October in the Flint, MI market, 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.

1 of the 743 total closings were new home closings, a shift on a percentage basis from 8 out of 843 a year earlier. Following a year-over-year increase in September, closings of new and existing homes fell year-over-year in October.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $220,000 from $148,319 a year ago. This followed a 14.7% hike 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 declined in October from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 43.7% of closings, below 46.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.1% in October from 19.2% a year earlier while REO closings as a percentage of existing home closings climbed to 30.6% from 27.5%.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Flint, MI area.