New Home Prices Climb in Saginaw According to Newest Figures, Sales Decline
Posted on: Aug 08, 2014 11:46:27 AM
The Saginaw, MI market saw a drop in new home closings year-over-year in May, and the decline was similar to April 2014. New home closings moved from 2 a year earlier to 1 after the figure moved from 8 in April 2013 to 4 in April 2014.
1 of the 276 total closings were new home closings, a shift on a percentage basis from 2 out of 289 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
The average price of new homes rose to $159,900 from last year's $41,300. This came after a 10.7% fall in April from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 48.7% of existing home closings, down from 53.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 27.3% in May from 22.0% a year earlier while REO closings as a percentage of existing home closings dropped to 21.5% from 31.7% a year earlier.