In February, the Evansville, IN market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the January 2016. New home closings moved from 9 a year earlier to none after the figure moved from 7 in January 2015 to 2 in January 2016.
Last year, 9 of 430 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 437 total closings. Closings of new and existing homes gained year-over-year in February following a drop in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.4% of existing closings, lower than 23.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.4% in February from 11.2% a year earlier while REO closings as a percentage of existing home closings dropped to 11.0% from 12.1% a year earlier.