Closings of new homes in the Muncie, IN market remained steady year-over-year in February, staying flat after dropping year-over-year in January from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 2 in January 2015 to none in January 2016.
2 of the 162 total closings were new home closings, a shift on a percentage basis from 2 out of 183 a year earlier. Following a year-over-year rise in January, closings of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $98,401, compared with $193,725 last year. This was on the heels of a.
Average mortgage size on newly sold homes saw a decline year-over-year from $180,902 to $97,427.
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 continued to fall from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 23.1% of existing closings, lower than 29.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.2% in February from 13.8% a year earlier while REO closings as a percentage of existing home closings dropped to 11.9% from 16.0% a year earlier.