New home closings declined year-over-year in June in the Evansville, IN market, sliding after a growth in May 2016. New home closings moved from 8 a year earlier to 2 after the figure moved from 3 in May 2015 to 4 in May 2016.

New home closings were 2 out of the 694 total closings, a move on a percentage basis from 8 of 701 a year earlier. After increasing in May from a year earlier, closings of new and existing homes remained level in June.

Pricing and Mortgage Trends

The average new home price was $245,825, a move from $245,108 a year earlier. This came after a 15.7% drop in May from a year earlier.

Average mortgage size on new homes increased to $228,453 from $209,350 last year. Average mortgage size on new homes went from $221,867 in May 2015 to $203,426 in May 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.

Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.8% of existing home closings, up from 16.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.8% in June from 8.1% a year earlier and REO closings moved from 8.8% of existing home closings in June 2015 to 7.9% in June 2016.

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