In the Fort Wayne, IN market, new home closings declined year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 44 a year earlier to 5 after the figure moved from 43 in September 2014 to 9 in September 2015.
A total of 223 new homes were sold during the 12 months that ended in October, down from 262 for the year that ended in September.
New home closings represented 5 out of the 918 total closings, which is a smaller percentage than the 44 of 840 total closings a year earlier. For new and existing homes, closings jumped year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $180,196, compared with $259,454 last year. This followed a 44.3% bump in September year-over-year.
The average mortgage size moved to $153,805, down from last year's $215,255. Average mortgage size on new homes went from $187,741 in September 2014 to $266,993 in September 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,336 square feet a year earlier to 1,628 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 19.3% of closings, below 20.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.9% in October from 11.6% a year earlier while REO closings as a percentage of existing home closings rose to 10.4% from 9.2%.