In April, there was a drop year-over-year in new home closings in the Elkhart, IN market, and the decline was by a larger percentage than the March 2016. New home closings moved from 6 a year earlier to none after the figure moved from 6 in March 2015 to 1 in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.9% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also dropped 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. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.1% of closings, below 23.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.4% in April from 8.7% a year earlier while REO closings as a percentage of existing home closings dropped to 12.7% from 14.4% a year earlier.