Closings of new homes in the Kokomo, IN market sank year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 5 a year earlier to 1 after the figure moved from 3 in April 2015 to none in April 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.1% a year earlier. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $267,750 from $168,097 a year ago. This followed a.
Average mortgage size on new homes increased to $214,200 from $148,651 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.5% of closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.8% in May from 10.7% a year earlier while REO closings as a percentage of existing home closings declined to 7.6% from 9.0% a year earlier.