In November, there was a drop year-over-year in new home closings in the Evansville, IN market, but the decline was less than the year-over-year decline in October. New home closings moved from 19 a year earlier to 3 after the figure moved from 23 in October 2014 to none in October 2015.
New home closings were 3.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 579 total closings. Closings of new and existing homes jumped year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $238,155 from last year's $228,216. This followed a.
Average mortgage size on new homes moved from $190,292 to $190,524.
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 drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.5% of existing closings, lower than 17.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.6% in November from 8.9% a year earlier while REO closings as a percentage of existing home closings slid to 6.9% from 8.7% a year earlier.