New home closings fell year-over-year in March in the Fort Wayne, IN market, and the decline was similar to February 2016. New home closings moved from 30 a year earlier to 6 after the figure moved from 25 in February 2015 to 5 in February 2016.
New home closings were 6 out of the 819 total closings, down on a percentage basis from 30 of 746 a year earlier. Closings of new and existing homes gained year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $207,652, compared with $256,627 last year. This came after a 9.4% gain in February year-over-year.
Average mortgage size on new homes fell from $216,578 to $179,722. Average mortgage size went from $203,281 in February 2015 to $204,589 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes fell from 2,352 square feet a year earlier to 1,860 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.0% of closings, below 22.8% a year earlier. The percentage of existing home closings involving foreclosures went from 10.2% in March 2015 to 10.8% in March 2016 and REO closings as a percentage of existing home closings dropped to 11.2% from 12.6% a year earlier.