In the Evansville, IN market in January, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 7 a year earlier to 2 after the figure moved from 22 in December 2014 to 4 in December 2015.
New home closings represented 2 out of the 390 total closings, which is a smaller percentage than the 7 of 455 total closings a year earlier. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $167,100, down from $256,210 a year earlier. This followed a 77.2% boost in December year-over-year.
There was a decline in average mortgage size on new homes, going from $211,984 last year to $133,600 in January 2016. Average mortgage size on new homes went from $194,288 in December 2014 to $327,263 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 continued to drop from a year earlier in January, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 20.4% of existing closings, lower than 24.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.3% in January from 15.6% a year earlier and REO closings moved from 9.2% of existing home closings in January 2015 to 10.1% in January 2016.