In April, there was a drop year-over-year in new home closings in the Kokomo, IN market, and the decline was by a larger percentage than the March 2016. New home closings moved from 3 a year earlier to none after the figure moved from 5 in March 2015 to 1 in March 2016.
New home closings were none out of the 168 total closings, down on a percentage basis from 3 of 199 a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 23.8% of existing home closings, down from 26.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 14.9% in April from 16.3% a year earlier and REO closings moved from 9.7% of existing home closings in April 2015 to 8.9% in April 2016.