Closings of new homes slid year-over-year in February in the Fort Wayne, IN market, but the decline was less than the year-over-year decline in January. New home closings moved from 25 a year earlier to 5 after the figure moved from 22 in January 2015 to none in January 2016.
Last year, 25 of 564 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 636 total closings. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $233,820 last year to $255,736. This was on the heels of a.
Average mortgage size on new homes moved from $203,281 to $204,589.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,753 square feet a year earlier to 1,991 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 20.3% of existing closings, lower than 28.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.1% in February from 13.2% a year earlier while REO closings as a percentage of existing home closings dropped to 9.2% from 14.8% a year earlier.