New home closings dropped year-over-year in August in the Fort Wayne, IN market, and the decline was by a larger percentage than the July 2015. New home closings moved from 44 a year earlier to 4 after the figure moved from 46 in July 2014 to 14 in July 2015.

A total of 296 new homes were sold during the 12 months that ended in August, down from 336 for the year that ended in July.

New home closings were 4 out of the 907 total closings, down on a percentage basis from 44 of 1,004 a year earlier. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.

Pricing and Mortgage Trends

The average price of new homes was $295,355, an increase from $238,283 a year earlier. This was on the heels of a 12.5% surge in July year-over-year.

From the year-ago figure of $198,271, the average mortgage size on new homes moved up to $236,284. Average mortgage size on new homes went from $194,056 in July 2014 to $223,249 in July 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes fell from 2,136 square feet a year earlier to 1,416 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 15.6% of existing closings, lower than 20.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.8% in August from 10.8% a year earlier and REO closings moved from 9.4% of existing home closings in August 2014 to 8.9% in August 2015.

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