New home closings declined year-over-year in November in the Kokomo, IN market, but the decline was less than the year-over-year decline in October. New home closings moved from 5 a year earlier to 2 after the figure moved from 8 in October 2014 to 1 in October 2015.
A total of 31 new homes were sold during the 12 months that ended in November, down from 34 for the year that ended in October.
New home closings were 2.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 160 total closings. Closings of new and existing homes slid year-over-year in November after remaning steady in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $224,323, compared with $240,270 last year. This was on the heels of a.
There was a decline in average mortgage size on new homes, going from $205,693 last year to $179,459 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 14.6% of existing home closings, down from 24.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.5% in November from 11.4% a year earlier while REO closings as a percentage of existing home closings fell to 5.1% from 12.7% a year earlier.