Closings of new homes dropped year-over-year in April in the South Bend, IN market, 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 4 in March 2015 to 3 in March 2016.

None of the 336 total closings were new home closings, a shift on a percentage basis from 3 out of 459 a year earlier. Following a year-over-year increase in March, closings of new and existing homes dropped year-over-year in April.

Other Market Trends

Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 25.3% of closings, below 27.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in April from 14.0% a year earlier while REO closings as a percentage of existing home closings declined to 10.1% from 13.6% a year earlier.

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