The Fort Wayne, IN market saw a drop in new home closings year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 22 a year earlier to none after the figure moved from 29 in December 2014 to 5 in December 2015.
New home closings represented none out of the 540 total closings, which is a smaller percentage than the 22 of 535 total closings a year earlier. Closings of new and existing homes remained steady in January after rising in December year-over-year.
Other Market Trends
There were no new home closings in January 2016, but average size of newly sold homes was 2,012 a year earlier.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings accounted for 27.4% of existing home closings, up from 23.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.9% in January from 11.9% a year earlier while REO closings as a percentage of existing home closings sank to 10.6% from 11.9% a year earlier.