Closings of new homes in the Lafayette, IN market declined year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 18 a year earlier to 1 after the figure moved from 18 in April 2015 to 3 in April 2016.

New home closings represented 1 out of the 119 total closings, which is a smaller percentage than the 18 of 419 total closings a year earlier. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.

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 fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 5.1% of existing home closings, below 11.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.2% in May from 5.7% a year earlier while REO closings as a percentage of existing home closings dropped to 0.8% from 5.2% a year earlier.

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