In June, the Fort Wayne, IN market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the May 2015. New home closings moved from 45 a year earlier to 10 after the figure moved from 40 in May 2014 to 10 in May 2015.
A total of 363 new homes were sold during the 12 months that ended in June, down from 398 for the year that ended in May.
New home closings represented 10 out of the 1,023 total closings, which is a smaller percentage than the 45 of 982 total closings a year earlier. Closings of new and existing homes climbed year-over-year in June following a decline in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $297,116, an increase from $243,623 a year earlier. This was on the heels of a 46.4% rise in May year-over-year.
From the year-ago figure of $199,396, the average mortgage size on new homes moved up to $257,910. Average mortgage size on new homes went from $189,847 in May 2014 to $268,119 in May 2015.
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 2,094 square feet a year earlier to 2,373 square feet.
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. Together, foreclosures plus REO closings accounted for 16.5% of existing home closings, up from 16.3% a year earlier. The percentage of existing home closings involving foreclosures went from 8.0% in June 2014 to 8.9% in June 2015 and REO closings moved from 8.3% of existing home closings in June 2014 to 7.6% in June 2015.