Bay City, MI - Latest Figures for New Home Closings Fall Year-Over-Year in July After Climbing Year-Over-Year in June
Posted on: Oct 12, 2012 10:18:57 AM
Closings of new homes in the Bay City, MI market dropped year-over-year in July, a decline following a rise in June 2012. New home closings moved from three a year earlier to one after the figure moved from two in June 2011 to three in June 2012.
A total of 18 new homes were sold during the 12 months that ended in July, down from 20 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.2% a year earlier. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $112,000 in July 2012, moving south from $154,250 a year earlier. This followed a 8.4% rise in June year-over-year.
The average mortgage size went down to $109,971 from $191,779 a year earlier. Average mortgage size went from $166,650 in June 2011 to $168,000 in June 2012.
Bay City, MI - Latest Figures for New Home Closings Fall Year-Over-Year in July After Climbing Year-Over-Year in June
Posted on: Oct 12, 2012 10:18:57 AM
Closings of new homes in the Bay City, MI market dropped year-over-year in July, a decline following a rise in June 2012. New home closings moved from three a year earlier to one after the figure moved from two in June 2011 to three in June 2012.
A total of 18 new homes were sold during the 12 months that ended in July, down from 20 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.2% a year earlier. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $112,000 in July 2012, moving south from $154,250 a year earlier. This followed a 8.4% rise in June year-over-year.
The average mortgage size went down to $109,971 from $191,779 a year earlier. Average mortgage size went from $166,650 in June 2011 to $168,000 in June 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in July 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 36.4% of closings, below 55.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 22.1% in July from 38.2% a year earlier while REO closings as a percentage of existing home closings dipped to 14.3% from 16.9% a year earlier.
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Source: Housing Intelligence