In December, the Evansville, IN market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in November. New home closings moved from 22 a year earlier to 4 after the figure moved from 19 in November 2014 to 3 in November 2015.
New home closings were 4 out of the 549 total closings, down on a percentage basis from 22 of 588 a year earlier. Following a year-over-year increase in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $230,808 last year to $409,079. This followed a 4.4% gain in November year-over-year.
Average mortgage size on new homes increased to $327,263 from $194,288 last year. Average mortgage size went from $190,292 in November 2014 to $190,524 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.5% of existing home closings, up from 14.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.1% in December from 6.4% a year earlier while REO closings as a percentage of existing home closings stayed level at 8.4%.