In the Muncie, IN market in July, closings of new homes declined year-over-year, a decline following a rise in June 2015. New home closings moved from 2 a year earlier to 1 after the figure moved from 1 in June 2014 to 2 in June 2015.

New home closings were 1 out of the 250 total closings, a move on a percentage basis from 2 of 243 a year earlier. Closings of new and existing homes gained year-over-year in July after also rising in June year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $167,912, compared with $288,578 last year. This followed a 36.0% fall in June from a year earlier.

Average mortgage size on newly sold homes saw a decline year-over-year from $230,863 to $134,330. Average mortgage size on new homes went from $156,000 in June 2014 to $114,538 in June 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 July 2015.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.9% of closings, below 19.1% a year earlier. The percentage of existing home closings involving foreclosures went from 11.6% in July 2014 to 10.8% in July 2015 and REO closings moved from 7.5% of existing home closings in July 2014 to 8.0% in July 2015.

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