The Kokomo, IN market saw a drop in new home closings year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 3 a year earlier to none after the figure moved from 5 in March 2015 to 1 in March 2016.
New home closings represented none out of the 168 total closings, which is a smaller percentage than the 3 of 199 total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.8% of closings, below 26.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.9% in April from 16.3% a year earlier and REO closings moved from 9.7% of existing home closings in April 2015 to 8.9% in April 2016.