Closings of new homes in the Elkhart, IN market sank year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 5 a year earlier to none after the figure moved from 9 in November 2014 to 1 in November 2015.
New home closings represented none out of the 323 total closings, which is a smaller percentage than the 5 of 291 total closings a year earlier. After dropping in November from a year earlier, closings of new and existing homes climbed year-over-year in December.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 16.1% of existing home closings, below 22.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.8% in December from 8.7% a year earlier while REO closings as a percentage of existing home closings fell to 9.3% from 13.3% a year earlier.