In the Kokomo, IN market in July, new home closings sank year-over-year, falling after a rise in June 2015. New home closings moved from 7 a year earlier to 3 after the figure moved from 1 in June 2014 to 3 in June 2015.
A total of 45 new homes were sold during the 12 months that ended in July, down from 49 for the year that ended in June.
Last year, 7 of 222 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 212 total closings. Following a year-over-year rise in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $202,936, an increase from $176,039 a year earlier. This came after a 61.8% hike in June year-over-year.
Average mortgage size on new homes went from $140,831 a year earlier to $184,716. Average mortgage size on new homes went from $127,055 in June 2014 to $212,833 in June 2015.
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 continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 20.1% of existing closings, lower than 26.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.0% in July from 15.8% a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 10.2% a year earlier.