In the Kokomo, IN market, new home closings slid year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 0 in March after being 5 a year earlier and remaining unchanged at 1 in February from a year earlier.
New home closings were none out of the 203 total closings, down on a percentage basis from 5 of 171 a year earlier. For new and existing homes, closings increased year-over-year in March after also increasing in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 20.7% of existing home closings, down from 25.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.4% in March from 11.4% a year earlier and REO closings moved from 13.9% of existing home closings in March 2015 to 14.3% in March 2016.