There was an increase in new home closings in the Michigan City, IN market in July year-over-year,. New home closings moved from 1 a year earlier to 2 after the figure moved from none in June 2014 to 1 in June 2015.
2 of the 207 total closings were new home closings, a shift on a percentage basis from 1 out of 195 a year earlier. For new and existing homes, closings grew year-over-year in July after also increasing in June year-over-year.
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 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 16.6% of existing closings, lower than 29.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.3% in July from 19.6% a year earlier and REO closings moved from 9.8% of existing home closings in July 2014 to 9.3% in July 2015.