In December, the Fort Wayne, IN market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in November. New home closings moved from 29 a year earlier to 5 after the figure moved from 40 in November 2014 to 6 in November 2015.
A total of 165 new homes were sold during the 12 months that ended in December, down from 189 for the year that ended in November.
New home closings represented 5 out of the 812 total closings, which is a smaller percentage than the 29 of 745 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $182,934, compared with $291,672 last year. This followed a 2.2% gain in November year-over-year.
Average mortgage size on new homes fell from $241,920 to $156,149. Average mortgage size on new homes went from $154,205 in November 2014 to $169,982 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 2,929 square feet a year earlier to 1,552 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 19.8% of existing home closings, down from 22.1% a year earlier. The percentage of existing home closings involving foreclosures went from 8.7% in December 2014 to 8.4% in December 2015 and REO closings as a percentage of existing home closings dropped to 11.4% from 13.4% a year earlier.