New home closings in the Muncie, IN market declined year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 2 a year earlier to none after the figure moved from 3 in March 2015 to 1 in March 2016.

On a percentage basis, new home closings as a part of total closings decreased to no part from 1.0% a year earlier. Closings of new and existing homes jumped year-over-year in April after also rising in March year-over-year.

Other Market Trends

There were no new home closings in April 2016, but average size of newly sold homes was 1,935 a year earlier.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 16.8% of existing home closings, below 27.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.9% in April from 14.7% a year earlier while REO closings as a percentage of existing home closings slid to 6.9% from 12.7% a year earlier.

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