In November, there was a fall year-over-year in new home closings in the Elkhart, IN market, and the decline was by a larger percentage than the October 2015. New home closings moved from 9 a year earlier to 1 after the figure moved from 7 in October 2014 to 3 in October 2015.
New home closings were 1 out of the 251 total closings, down on a percentage basis from 9 of 262 a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $205,000, down from last year's $220,219. This was on the heels of a 7.4% bump in October year-over-year.
The average mortgage size moved to $164,000, down from last year's $179,556. Average mortgage size on new homes went from $156,901 in October 2014 to $168,500 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,939 square feet a year earlier to 1,657 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.6% of existing closings, lower than 25.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.4% in November from 10.7% a year earlier while REO closings as a percentage of existing home closings declined to 9.2% from 15.0% a year earlier.