New home closings in the Kokomo, IN market remained steady year-over-year in February, staying level after a year-over-year decline in January from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in January 2015 to 1 in January 2016.

A total of 29 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.

Out of the 143 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in January, closings of new and existing homes also climbed year-over-year in February.

Pricing and Mortgage Trends

The average new home price was $79,421, down from $171,000 a year earlier. This was on the heels of a 7.5% decline in January from a year earlier.

Average mortgage size on new homes fell from $136,800 to $63,537. Average mortgage size on new homes went from $214,735 in January 2015 to $183,920 in January 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 20.4% of existing home closings, below 38.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.3% in February from 15.1% a year earlier while REO closings as a percentage of existing home closings fell to 14.1% from 23.8% a year earlier.

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