Closings of new homes sank year-over-year in March in the Lafayette, IN market, and the decline was by a larger percentage than the February 2016. New home closings moved from 19 a year earlier to none after the figure moved from 23 in February 2015 to 1 in February 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 6.7% a year earlier. Closings of new and existing homes declined year-over-year in March after also falling in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 14.7% of existing closings, lower than 19.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.7% in March from 8.3% a year earlier while REO closings as a percentage of existing home closings dropped to 5.0% from 11.4% a year earlier.