The Kokomo, IN market saw a drop in new home closings year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 5 a year earlier to 1 after the figure moved from 3 in April 2015 to none in April 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.1% a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $267,750 from $168,097 a year ago. This followed a.
Average mortgage size on new homes rose from $148,651 to $214,200.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.5% of closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.8% in May from 10.7% a year earlier while REO closings as a percentage of existing home closings slid to 7.6% from 9.0% a year earlier.