New home closings in the Elkhart, IN market stayed the same year-over-year in July, remaining relatively stable after moving north year-over-year in June from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 3 in June 2015 to 5 in June 2016.

New home closings were 1 out of the 380 total closings, same on a percentage basis as a year earlier. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.

Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 11.9% of existing home closings, above 9.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.6% in July from 4.4% a year earlier and REO closings moved from 5.1% of existing home closings in July 2015 to 5.3% in July 2016.

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