The Elkhart, IN market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 6 a year earlier to 1 after the figure moved from 1 in February 2015 to none in February 2016.
New home closings were 1 out of the 248 total closings, down on a percentage basis from 6 of 298 a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $149,747, compared with $227,922 last year. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $190,138 to $148,265.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.8% of existing closings, lower than 21.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.1% in March from 13.0% a year earlier and REO closings moved from 8.9% of existing home closings in March 2015 to 9.7% in March 2016.