In August, there was a fall year-over-year in new home closings in the Evansville, IN market, and the decline was by a larger percentage than the July 2015. New home closings moved from 16 a year earlier to 2 after the figure moved from 21 in July 2014 to 10 in July 2015.
A total of 156 new homes were sold during the 12 months that ended in August, down from 170 for the year that ended in July.
Last year, 16 of 684 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 627 total closings. Following a year-over-year decline in July, closings of new and existing homes also fell year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $207,809 last year to $715,625. This came after a 12.6% bump in July year-over-year.
Average mortgage size on new homes increased to $572,500 from $172,505 last year. Average mortgage size on new homes went from $166,656 in July 2014 to $189,844 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 16.0% of existing home closings, above 14.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.6% in August from 7.6% a year earlier while REO closings as a percentage of existing home closings climbed to 9.4% from 6.4%.