There was a rise in new home closings in the Kokomo, IN market in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 2 a year earlier to 3 after the figure moved from 7 in July 2014 to 3 in July 2015.
A total of 46 new homes were sold during the 12 months that ended in August, up from 45 for the year that ended in July.
3 of the 186 total closings were new home closings, a shift on a percentage basis from 2 out of 192 a year earlier. Closings of new and existing homes declined year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $185,857, up from $99,531 a year earlier. This came after a 15.3% surge in July year-over-year.
From the year-ago figure of $79,625, the average mortgage size on new homes moved up to $149,536. Average mortgage size on new homes went from $140,831 in July 2014 to $184,716 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.2% of existing home closings, down from 23.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.8% in August from 12.1% a year earlier and REO closings moved from 11.1% of existing home closings in August 2014 to 10.4% in August 2015.