In April, the Elkhart, IN market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 6 a year earlier to none after the figure moved from 6 in March 2015 to 1 in March 2016.
New home closings were 1.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 275 total closings. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.1% of existing home closings, down from 23.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.4% in April from 8.7% a year earlier while REO closings as a percentage of existing home closings sank to 12.7% from 14.4% a year earlier.