In June, there was a fall year-over-year in new home closings in the Evansville, IN market, but the decline was less than the year-over-year decline in May. New home closings moved from 25 a year earlier to 7 after the figure moved from 14 in May 2014 to 3 in May 2015.
A total of 179 new homes were sold during the 12 months that ended in June, down from 197 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 4.1% a year earlier. After dropping in May from a year earlier, closings of new and existing homes increased year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $252,230, down from $269,223 a year earlier. This came after a 26.5% surge in May year-over-year.
The average mortgage size moved to $217,700, down from last year's $228,473. Average mortgage size on new homes went from $184,176 in May 2014 to $221,867 in May 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 June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.9% of closings, below 17.2% a year earlier. The percentage of existing home closings involving foreclosures went from 8.4% in June 2014 to 8.2% in June 2015 and REO closings as a percentage of existing home closings stayed level at 8.8%.