In the Evansville, IN market, new home closings fell year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 22 a year earlier to 1 after the figure moved from 9 in February 2015 to none in February 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.2% from 4.1% a year earlier. Following a year-over-year increase in February, closings of new and existing homes also gained year-over-year in March.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $150,000, down from last year's $216,803. This followed a.
Average mortgage size on new homes fell from $182,997 to $120,000.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 16.5% of existing home closings, down from 19.4% a year earlier. The percentage of existing home closings involving foreclosures went from 8.8% in March 2015 to 8.1% in March 2016 and REO closings as a percentage of existing home closings sank to 8.4% from 10.6% a year earlier.