In August, there was a drop year-over-year in new home closings in the Michigan City, IN market, falling after a rise in July 2015. New home closings moved from 1 a year earlier to none after the figure moved from 1 in July 2014 to 2 in July 2015.
New home closings were none out of the 217 total closings, a move on a percentage basis from 1 of 171 a year earlier. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 15.2% of closings, below 20.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.1% in August from 2.9% a year earlier while REO closings as a percentage of existing home closings declined to 11.1% from 17.1% a year earlier.