In the Fort Wayne, IN market in November, new home closings fell year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 40 a year earlier to 6 after the figure moved from 44 in October 2014 to 5 in October 2015.
A total of 189 new homes were sold during the 12 months that ended in November, down from 223 for the year that ended in October.
Last year, 40 of 700 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 712 total closings. Following a year-over-year increase in October, closings of new and existing homes also rose year-over-year in November.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $187,089 from $183,080 a year ago. This was on the heels of a 30.5% fall in October from a year earlier.
From the year-ago figure of $154,205, the average mortgage size on new homes moved up to $169,982. Average mortgage size on new homes went from $215,255 in October 2014 to $153,805 in October 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,131 square feet a year earlier to 2,169 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 13.6% of closings, below 20.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.3% in November from 10.3% a year earlier while REO closings as a percentage of existing home closings stayed level at 10.3%.