Closings of new homes fell year-over-year in December in the Kokomo, IN market, but the decline was less than the year-over-year decline in November. New home closings moved from 2 a year earlier to 1 after the figure moved from 5 in November 2014 to 2 in November 2015.
A total of 30 new homes were sold during the 12 months that ended in December, down from 31 for the year that ended in November.
New home closings were 1 out of the 215 total closings, a move on a percentage basis from 2 of 162 a year earlier. Closings of new and existing homes grew year-over-year in December following a drop in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $188,000, compared with $277,761 last year. This was on the heels of a 6.6% decline in November from a year earlier.
The average mortgage size went down to $150,400 from $222,209 a year earlier. Average mortgage size on new homes went from $205,693 in November 2014 to $179,459 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.4% of existing home closings, below 23.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.6% in December from 8.8% a year earlier while REO closings as a percentage of existing home closings dropped to 9.8% from 14.4% a year earlier.