New home closings sank year-over-year in August in the Muncie, IN market, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to 1 after the figure moved from 2 in July 2014 to 1 in July 2015.
New home closings represented 1 out of the 256 total closings, which is a smaller percentage than the 4 of 249 total closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 2,923 square feet a year earlier to 2,172 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 20.4% of closings, below 22.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.0% in August from 15.9% a year earlier while REO closings as a percentage of existing home closings climbed to 11.4% from 6.9%.