Latest Numbers Indicate New Home Closings and Prices Drop in Saginaw
Posted on: Dec 06, 2013 07:40:46 AM
In the Saginaw, MI market, new home closings declined year-over-year in September, dropping after staying level in August. Closings stood at 4 in September after being 5 a year earlier and remaining unchanged at 1 in August from a year earlier.
A total of 37 new homes were sold during the 12 months that ended in September, down from 38 for the year that ended in August.
4 of the 330 total closings were new home closings, a shift on a percentage basis from 5 out of 273 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also jumped year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $139,383, down from $189,430 a year earlier. This was on the heels of a move from $210,000 per unit to $211,400 from August 2012 to August 2013.
From the year-ago figure of $164,372, the average mortgage size on new homes moved up to $187,300. Average mortgage size on new homes went from $52,400 in August 2012 to $151,143 in August 2013.