Closings of new homes declined year-over-year in July in the Michigan City, IN market, but the decline was less than the year-over-year decline in June. New home closings moved from 2 a year earlier to 1 after the figure moved from 1 in June 2015 to none in June 2016.

1 of the 154 total closings were new home closings, a shift on a percentage basis from 2 out of 210 a year earlier. Closings of new and existing homes sank year-over-year in July after remaning steady in June year-over-year.

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 July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.3% of closings, below 17.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.5% in July from 8.2% a year earlier and REO closings moved from 9.6% of existing home closings in July 2015 to 9.8% in July 2016.

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