The South Bend, IN market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 5 a year earlier to none after the figure moved from 3 in April 2015 to 1 in April 2016.
None of the 427 total closings were new home closings, a shift on a percentage basis from 5 out of 590 a year earlier. Closings of new and existing homes fell year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 12.2% of existing closings, lower than 21.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.3% in May from 9.1% a year earlier while REO closings as a percentage of existing home closings sank to 8.9% from 12.3% a year earlier.