There was a rise in new home closings in the Michigan City, IN market in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 1 a year earlier to 2 after the figure moved from 2 in October 2014 to none in October 2015.
New home closings were 2 out of the 157 total closings, a move on a percentage basis from 1 of 141 a year earlier. After dropping in October from a year earlier, closings of new and existing homes grew year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $199,460, down from $205,000 a year earlier. This followed a.
From the year-ago figure of $164,000, the average mortgage size on new homes moved up to $174,555.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 26.5% of closings, below 32.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.0% in November from 17.9% a year earlier while REO closings as a percentage of existing home closings jumped to 15.5% from 14.3%.