Flint, MI - Recent New Home Sales Numbers Decrease Year-Over-Year in January After Rise Year-Over-Year in December
Posted on: May 07, 2012 09:10:43 AM
New home sales in the Flint, MI market declined year-over-year in January, a decline following a rise in December 2011. New home sales moved from 10 a year earlier to four after the figure moved from three in December 2010 to 16 in December 2011.
A total of 89 new homes were sold during the 12 months that ended in January, down from 95 for the year that ended in December.
Four of the 694 total sales were new home sales, a shift on a percentage basis from 10 out of 794 a year earlier. For new and existing homes, sales dropped in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
The average price of new homes was $118,200, an increase from $36,050 a year earlier. This followed a 22.1% rise in December year-over-year.
The average mortgage size on new homes was $64,125, up from $23,500. Average mortgage size on new homes went from $130,194 in December 2010 to $112,733 in December 2011.
Flint, MI - Recent New Home Sales Numbers Decrease Year-Over-Year in January After Rise Year-Over-Year in December
Posted on: May 07, 2012 09:10:43 AM
New home sales in the Flint, MI market declined year-over-year in January, a decline following a rise in December 2011. New home sales moved from 10 a year earlier to four after the figure moved from three in December 2010 to 16 in December 2011.
A total of 89 new homes were sold during the 12 months that ended in January, down from 95 for the year that ended in December.
Four of the 694 total sales were new home sales, a shift on a percentage basis from 10 out of 794 a year earlier. For new and existing homes, sales dropped in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $118,200, an increase from $36,050 a year earlier. This followed a 22.1% rise in December year-over-year.
The average mortgage size on new homes was $64,125, up from $23,500. Average mortgage size on new homes went from $130,194 in December 2010 to $112,733 in December 2011.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up two of four new home sales after accounting for two of 10 a year earlier. Meanwhile, single-family homes made up two of four new home sales after making up eight of 10 a year earlier.
Foreclosures and real estate owned (REO) sales fell in January from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, made up 68.3% of existing sales, lower than 83.0% a year earlier. The percentage of existing home sales involving foreclosures fell to 38.0% in January from 47.1% a year earlier while REO sales as a percentage of existing home sales slipped to 30.3% from 36.0% a year earlier.
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Source: Housing Intelligence