New home closings in the South Bend, IN market declined year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 3 a year earlier to 1 after the figure moved from 8 in October 2014 to none in October 2015.
1 of the 369 total closings were new home closings, a shift on a percentage basis from 3 out of 422 a year earlier. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $119,004, compared with $170,816 last year. This followed a.
Average mortgage size on new homes fell from $159,031 to $117,826.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes rose from 1,340 square feet a year earlier to 1,872 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 24.5% of existing home closings, down from 32.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.5% in November from 15.3% a year earlier while REO closings as a percentage of existing home closings fell to 12.0% from 17.7% a year earlier.