In the South Bend, IN market in April, new home closings declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 3 a year earlier to none after the figure moved from 4 in March 2015 to 3 in March 2016.
None of the 336 total closings were new home closings, a shift on a percentage basis from 3 out of 459 a year earlier. Following a year-over-year increase in March, closings of new and existing homes dropped year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 25.3% of existing closings, lower than 27.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in April from 14.0% a year earlier while REO closings as a percentage of existing home closings dropped to 10.1% from 13.6% a year earlier.