New home closings in the Fort Wayne, IN market sank year-over-year in May, and the decline was similar to April 2016. New home closings moved from 10 a year earlier to 2 after the figure moved from 25 in April 2015 to 5 in April 2016.
New home closings represented 2 out of the 878 total closings, which is a smaller percentage than the 10 of 807 total closings a year earlier. Following a year-over-year increase in April, closings of new and existing homes also gained year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $421,774, up from $335,148 a year earlier. This followed a 12.1% fall in April from a year earlier.
From the year-ago figure of $268,119, the average mortgage size on new homes moved up to $337,419. Average mortgage size went from $189,035 in April 2015 to $187,414 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 12.6% of existing home closings, down from 14.3% a year earlier. The percentage of existing home closings involving foreclosures went from 4.1% in May 2015 to 4.9% in May 2016 and REO closings as a percentage of existing home closings sank to 7.6% from 10.2% a year earlier.