In the Terre Haute, IN market in May, new home closings declined year-over-year, dropping after staying level in April. Closings stood at 0 in May after being 1 a year earlier and remaining unchanged at 0 in April from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in April 2015 to none in April 2016.
New home closings were none out of the 243 total closings, a move on a percentage basis from 1 of 295 a year earlier. After rising year-over-year in April, closings of new and existing homes dropped year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 9.9% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.1% in May from 6.1% a year earlier while REO closings as a percentage of existing home closings declined to 5.8% from 14.3% a year earlier.