New home closings in the Elkhart, IN market slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 3 a year earlier to 2 after the figure moved from 6 in April 2015 to none in April 2016.
2 of the 354 total closings were new home closings, a shift on a percentage basis from 3 out of 342 a year earlier. Following a drop in April year-over-year, closings of new and existing homes increased year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $237,660, up from $203,117 a year earlier. This came after a.
The average mortgage size on new homes was $190,128, up from $172,286.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.9% of existing home closings, below 18.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.2% in May from 9.7% a year earlier while REO closings as a percentage of existing home closings dropped to 7.7% from 8.8% a year earlier.