New home closings climbed year-over-year in September in the South Bend, IN market, rebounding from a year-over-year decline in August 2015. New home closings moved from 1 a year earlier to 3 after the figure moved from 3 in August 2014 to 1 in August 2015.
A total of 42 new homes were sold during the 12 months that ended in September, up from 40 for the year that ended in August.
New home closings were 3 out of the 554 total closings, a move on a percentage basis from 1 of 557 a year earlier. Closings of new and existing homes stayed level after increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $91,203, down from $175,409 a year earlier. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $173,673 to $90,300.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Combined, foreclosures plus REO closings made up 22.5% of existing home closings. In September 2014, they made up 22.5%. The percentage of existing home closings involving foreclosures dropped to 10.5% in September from 12.8% a year earlier while REO closings as a percentage of existing home closings jumped to 12.0% from 9.7%.