The Elkhart, IN market saw a drop in new home closings year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 6 a year earlier to 3 after the figure moved from 8 in August 2014 to none in August 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 1.9% a year earlier. After remaining steady in August from a year earlier, closings of new and existing homes climbed in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $233,611, compared with $290,182 last year. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $269,645 to $202,450.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 2,049 square feet a year earlier to 1,808 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 17.2% of existing home closings, below 24.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.8% in September from 14.2% a year earlier while REO closings as a percentage of existing home closings declined to 9.3% from 10.6% a year earlier.