In April, there was a decline year-over-year in new home closings in the Fort Wayne, IN market, and the decline was similar to March 2016. New home closings moved from 25 a year earlier to 5 after the figure moved from 30 in March 2015 to 6 in March 2016.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 763 total closings. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $200,328, down from last year's $227,836. This followed a 19.1% drop in March from a year earlier.
Average mortgage size on new homes moved from $189,035 to $187,414. Average mortgage size on new homes went from $216,578 in March 2015 to $179,722 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,109 square feet a year earlier to 1,662 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.3% of existing closings, lower than 16.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.5% in April from 8.1% a year earlier while REO closings as a percentage of existing home closings grew to 9.8% from 8.8%.