In August, the Evansville, IN market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 16 a year earlier to 2 after the figure moved from 21 in July 2014 to 10 in July 2015.
A total of 156 new homes were sold during the 12 months that ended in August, down from 170 for the year that ended in July.
New home closings were 2 out of the 627 total closings, down on a percentage basis from 16 of 684 a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $715,625, up from $207,809 a year earlier. This came after a 12.6% lift in July year-over-year.
Average mortgage size on new homes increased to $572,500 from $172,505 last year. Average mortgage size on new homes went from $166,656 in July 2014 to $189,844 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 16.0% of existing home closings, above 14.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.6% in August from 7.6% a year earlier while REO closings as a percentage of existing home closings jumped to 9.4% from 6.4%.