New home closings in the Kokomo, IN market sank year-over-year in January, and the decline was similar to December 2015. New home closings moved from 2 a year earlier to 1 after the figure moved from 2 in December 2014 to 1 in December 2015.
A total of 29 new homes were sold during the 12 months that ended in January, down from 30 for the year that ended in December.
Last year, 2 of 101 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 142 total closings. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $229,900, down from $248,531 a year earlier. This followed a 32.3% decline in December from a year earlier.
Average mortgage size on new homes fell from $214,735 to $183,920. Average mortgage size on new homes went from $222,209 in December 2014 to $150,400 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 30.5% of existing home closings, below 49.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 17.0% in January from 24.2% a year earlier while REO closings as a percentage of existing home closings slid to 13.5% from 25.3% a year earlier.