In April, the Evansville, IN market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 12 a year earlier to none after the figure moved from 22 in March 2015 to 1 in March 2016.
Last year, 12 of 547 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 635 total closings. For new and existing homes, closings gained year-over-year in April after also increasing in March year-over-year.
Other Market Trends
There were no new home closings in April 2016, but average size of newly sold homes was 1,267 a year earlier.
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. Combined, foreclosures plus REO closings accounted for 12.4% of existing home closings, below 18.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.1% in April from 8.2% a year earlier while REO closings as a percentage of existing home closings sank to 6.3% from 9.9% a year earlier.