Sales of new homes in the Saginaw, MI market remained steady year-over-year in November, staying level after a year-over-year decline in October from the year earlier. Sales remained level at two from a year earlier after the figure moved from seven in October 2010 to four in October 2011.

A total of 50 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.

For new and existing homes, sales increased year-over-year in November after also increasing in October year-over-year.

The average price of new homes was $78,575 per unit in November 2011, which is down from $172,495 a year ago. This followed a 83.8% bump in October year-over-year.

As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for one of two last year. Meanwhile, attached units made up no part of new home sales after making up one of two sales a year earlier.

Foreclosures and real estate owned (REO) sales decreased in November from a year earlier, but stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 44.5% of sales, below 59.8% a year earlier. The percentage of existing home sales involving foreclosures declined to 21.5% in November from 31.2% a year earlier while REO sales as a percentage of existing home sales slipped to 23.0% from 28.6% a year earlier.

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