Closings of new homes slid year-over-year in December in the South Bend, IN market, and the decline was by a larger percentage than the November 2015. New home closings moved from 6 a year earlier to 1 after the figure moved from 3 in November 2014 to 1 in November 2015.

New home closings were 1.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 445 total closings. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.

Pricing and Mortgage Trends

The average new home price was $303,361, up from $180,458 a year earlier. This followed a 30.3% fall in November from a year earlier.

Average mortgage size on new homes went from $144,353 a year earlier to $242,609. Average mortgage size on new homes went from $159,031 in November 2014 to $117,826 in November 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 18.0% of closings, below 24.3% a year earlier. The percentage of existing home closings involving foreclosures went from 9.1% in December 2014 to 8.8% in December 2015 and REO closings as a percentage of existing home closings slid to 9.2% from 15.2% a year earlier.

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