In the Fort Wayne, IN market, new home closings fell year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 46 a year earlier to 14 after the figure moved from 45 in June 2014 to 10 in June 2015.
A total of 333 new homes were sold during the 12 months that ended in July, down from 365 for the year that ended in June.
New home closings were 4.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 14 of the 979 total closings. For new and existing homes, closings grew year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $258,739, an increase from $229,944 a year earlier. This came after a 22.0% rise in June year-over-year.
Average mortgage size on new homes went from $194,056 a year earlier to $223,249. Average mortgage size on new homes went from $199,396 in June 2014 to $257,910 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,211 square feet a year earlier to 1,811 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 14.1% of existing home closings, down from 16.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.0% in July from 7.3% a year earlier and REO closings moved from 9.0% of existing home closings in July 2014 to 8.1% in July 2015.