In the South Bend, IN market in June, new home closings fell year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 1 a year earlier to none after the figure moved from 5 in May 2015 to 2 in May 2016.
New home closings were none out of the 158 total closings, a move on a percentage basis from 1 of 686 a year earlier. For new and existing homes, closings fell in June after also declining in May year-over-year.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 1,080 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 4.4% of existing home closings, below 21.0% a year earlier. The percentage of existing home closings involving foreclosures declined to no part in June from 13.3% a year earlier while REO closings as a percentage of existing home closings slid to 4.4% from 7.7% a year earlier.