Closings of new homes in the Evansville, IN market dropped year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 21 a year earlier to 10 after the figure moved from 25 in June 2014 to 7 in June 2015.

A total of 169 new homes were sold during the 12 months that ended in July, down from 180 for the year that ended in June.

Last year, 21 of 656 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 651 total closings. After rising in June from a year earlier, closings of new and existing homes stayed steady in July.

Pricing and Mortgage Trends

The average new home value went from $195,185 last year to $219,759. This was on the heels of a 6.3% decline in June from a year earlier.

From the year-ago figure of $166,656, the average mortgage size on new homes moved up to $189,844. Average mortgage size on new homes went from $228,473 in June 2014 to $217,700 in June 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.4% of closings, below 17.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.4% in July from 10.1% a year earlier and REO closings moved from 7.2% of existing home closings in July 2014 to 7.0% in July 2015.

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