New home closings in the Lafayette, IN market declined year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 10 a year earlier to none after the figure moved from 36 in December 2014 to 3 in December 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 4.0% a year earlier. For new and existing homes, closings slid in January after also declining in December year-over-year.
Other Market Trends
There were no new home closings in January 2016, but average size of newly sold homes was 1,456 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.6% of existing home closings, down from 20.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.8% in January from 11.3% a year earlier while REO closings as a percentage of existing home closings declined to 5.8% from 9.2% a year earlier.