New home closings declined year-over-year in August in the South Bend, IN market, but the decline was less than the year-over-year decline in July. New home closings moved from 3 a year earlier to 1 after the figure moved from 8 in July 2014 to 1 in July 2015.

A total of 40 new homes were sold during the 12 months that ended in August, down from 42 for the year that ended in July.

New home closings were 1 out of the 554 total closings, a move on a percentage basis from 3 of 532 a year earlier. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes fell from 2,110 square feet a year earlier to 2,072 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.1% of existing home closings, down from 26.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.5% in August from 11.5% a year earlier while REO closings as a percentage of existing home closings slid to 9.6% from 14.6% a year earlier.

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