In June, the Fort Wayne, IN market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in May. New home closings moved from 10 a year earlier to 4 after the figure moved from 10 in May 2015 to 2 in May 2016.
New home closings were 4 out of the 961 total closings, a move on a percentage basis from 10 of 1,038 a year earlier. Following a year-over-year rise in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $198,118, down from last year's $297,116. This was on the heels of a 25.8% hike in May year-over-year.
Average mortgage size on new homes fell from $257,910 to $167,831. Average mortgage size on new homes went from $268,119 in May 2015 to $337,419 in May 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 15.4% of existing home closings, below 17.0% a year earlier. The percentage of existing home closings involving foreclosures went from 9.0% in June 2015 to 9.4% in June 2016 and REO closings as a percentage of existing home closings fell to 6.0% from 8.0% a year earlier.