In the Flint, MI market, closings of new homes slid year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 5 a year earlier to 1 after the figure moved from 18 in December 2014 to 3 in December 2015.
A total of 83 new homes were sold during the 12 months that ended in January, down from 87 for the year that ended in December.
1 of the 583 total closings were new home closings, a shift on a percentage basis from 5 out of 561 a year earlier. Closings of new and existing homes rose year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $204,900, an increase from $181,091 a year earlier. This came after a 20.2% boost in December year-over-year.
The average mortgage size moved to $163,900, down from last year's $196,283. Average mortgage size on new homes went from $176,753 in December 2014 to $179,450 in December 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 decreased in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 46.9% of closings, below 51.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.8% in January from 26.4% a year earlier while REO closings as a percentage of existing home closings gained to 30.1% from 25.2%.