There was an increase in closings of new homes in the Elkhart, IN market in June year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 3 a year earlier to 5 after the figure moved from 3 in May 2015 to 2 in May 2016.

5 of the 379 total closings were new home closings, a shift on a percentage basis from 3 out of 362 a year earlier. Closings of new and existing homes climbed year-over-year in June after also rising in May year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $165,204, compared with $244,023 last year. This came after a 17.0% gain in May year-over-year.

Average mortgage size on new homes fell from $208,887 to $139,069. Average mortgage size on new homes went from $172,286 in May 2015 to $190,128 in May 2016.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes rose from 1,230 square feet a year earlier to 2,101 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 13.4% of existing home closings, down from 15.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.0% in June from 5.3% a year earlier while REO closings as a percentage of existing home closings sank to 6.4% from 10.6% a year earlier.

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