In the Flint, MI market in November, new home closings fell year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 8 in October 2014 to 3 in October 2015.
A total of 102 new homes were sold during the 12 months that ended in November, down from 109 for the year that ended in October.
2 of the 642 total closings were new home closings, a shift on a percentage basis from 9 out of 801 a year earlier. For new and existing homes, closings fell in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $317,900, an increase from $178,734 a year earlier. This was on the heels of a 39.8% bump in October year-over-year.
The average mortgage size on new homes was $228,937, up from $140,903. Average mortgage size on new homes went from $146,827 in October 2014 to $187,365 in October 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 fell in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 49.5% of existing closings, lower than 58.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.8% in November from 17.0% a year earlier while REO closings as a percentage of existing home closings sank to 33.8% from 41.0% a year earlier.