In the Muncie, IN market in March, new home closings fell year-over-year, falling after remaining level in February from the year earlier. Closings stood at 1 in March after being 3 a year earlier and remaining unchanged at 2 in February from a year earlier.
New home closings were 1 out of the 243 total closings, down on a percentage basis from 3 of 180 a year earlier. Closings of new and existing homes climbed year-over-year in March following a drop in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $76,500, down from last year's $119,827. This came after a 49.2% fall in February from a year earlier.
There was a decline in average mortgage size on new homes, going from $98,878 last year to $61,200 in March 2016. Average mortgage size on new homes went from $180,902 in February 2015 to $97,427 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes fell from 1,942 square feet a year earlier to 1,384 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 25.2% of existing home closings, below 26.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.7% in March from 5.1% a year earlier while REO closings as a percentage of existing home closings slid to 14.5% from 20.9% a year earlier.