There was an increase in closings of new homes in the Evansville, IN market in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 3 a year earlier to 4 after the figure moved from 12 in April 2015 to none in April 2016.
New home closings were 4 out of the 668 total closings, same on a percentage basis as a year earlier. Following a year-over-year increase in April, closings of new and existing homes also rose year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $233,839, down from $277,333 a year earlier. This came after a.
The average mortgage size moved to $203,426, down from last year's $221,867.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.4% of existing closings, lower than 16.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.0% in May from 8.1% a year earlier and REO closings moved from 8.7% of existing home closings in May 2015 to 9.3% in May 2016.