Closings of new homes in the Kokomo, IN market sank year-over-year in September, dropping after a year-over-year increase in August 2015. New home closings moved from 6 a year earlier to 1 after the figure moved from 2 in August 2014 to 3 in August 2015.
A total of 41 new homes were sold during the 12 months that ended in September, down from 46 for the year that ended in August.
New home closings were 1 out of the 207 total closings, down on a percentage basis from 6 of 194 a year earlier. Following a fall in August year-over-year, closings of new and existing homes grew year-over-year in September.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 15.5% of existing closings, lower than 25.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.3% in September from 9.6% a year earlier while REO closings as a percentage of existing home closings dropped to 8.3% from 16.0% a year earlier.