In the Kokomo, IN market in June, new home closings declined year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 3 a year earlier to none after the figure moved from 5 in May 2015 to 1 in May 2016.
Last year, 3 of 243 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 133 total closings. Following a year-over-year decline in May, closings of new and existing homes also fell year-over-year in June.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 18.0% of existing home closings, above 12.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.3% in June from 5.8% a year earlier while REO closings as a percentage of existing home closings slid to 3.8% from 7.1% a year earlier.