New home closings in the South Bend, IN market stayed the same year-over-year in February, staying level after a year-over-year decline in January from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 5 in January 2015 to none in January 2016.
2 of the 328 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $296,625, down from last year's $361,579. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $289,264 to $237,300.
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 declined in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 29.1% of existing home closings, below 33.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.5% in February from 16.6% a year earlier while REO closings as a percentage of existing home closings increased to 19.6% from 16.6%.