The South Bend, IN market saw a drop in new home closings year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 3 in March after being 4 a year earlier and remaining unchanged at 2 in February from a year earlier.

New home closings were 3 out of the 493 total closings, a move on a percentage basis from 4 of 477 a year earlier. Closings of new and existing homes rose year-over-year in March following a decline in February year-over-year.

Pricing and Mortgage Trends

The average new home price was $112,923, down from $161,617 a year earlier. This was on the heels of a 18.0% drop in February from a year earlier.

Average mortgage size on new homes fell from $146,685 to $100,237. Average mortgage size on new homes went from $289,264 in February 2015 to $237,300 in February 2016.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes rose from 1,200 square feet a year earlier to 1,563 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 20.4% of existing home closings, down from 28.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.4% in March from 12.5% a year earlier while REO closings as a percentage of existing home closings sank to 11.0% from 15.6% a year earlier.

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