In August, there was a fall year-over-year in new home closings in the Terre Haute, IN market, dropping after staying level in July. Closings stood at 0 in August after being 1 a year earlier and remaining unchanged at 1 in July from a year earlier.
None of the 265 total closings were new home closings, a shift on a percentage basis from 1 out of 296 a year earlier. Following a year-over-year rise in July, closings of new and existing homes slid year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 16.2% of existing home closings, down from 27.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.9% in August from 14.6% a year earlier while REO closings as a percentage of existing home closings fell to 8.3% from 13.2% a year earlier.