Closings of new homes dropped year-over-year in March in the Flint, MI market, and the decline was by a larger percentage than the February 2016. New home closings moved from 14 a year earlier to 1 after the figure moved from 4 in February 2015 to 2 in February 2016.

A total of 97 new homes were sold during the 12 months that ended in March, down from 110 for the year that ended in February.

Last year, 14 of 722 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 710 total closings. Following a year-over-year rise in February, closings of new and existing homes declined year-over-year in March.

Pricing and Mortgage Trends

The average new home price was $242,390, up from $139,239 a year earlier. This was on the heels of a 39.2% gain in February year-over-year.

From the year-ago figure of $119,600, the average mortgage size on new homes moved up to $175,600. Average mortgage size on new homes went from $158,650 in February 2015 to $232,215 in February 2016.

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 March from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 47.1% of existing home closings, down from 53.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.2% in March from 20.9% a year earlier and REO closings moved from 32.8% of existing home closings in March 2015 to 31.9% in March 2016.

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