New home closings in the Michigan City, IN market fell year-over-year in March, falling after remaining level in February from the year earlier. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 1 in February from a year earlier.

None of the 175 total closings were new home closings, a shift on a percentage basis from 1 out of 157 a year earlier. For new and existing homes, closings grew year-over-year in March after also increasing in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 31.4% of existing home closings, below 34.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.1% in March from 18.6% a year earlier while REO closings as a percentage of existing home closings increased to 18.3% from 15.4%.

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