In the South Bend, IN market in July, new home closings declined year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 8 a year earlier to 1 after the figure moved from 14 in June 2014 to 1 in June 2015.
A total of 41 new homes were sold during the 12 months that ended in July, down from 48 for the year that ended in June.
New home closings were 1 out of the 607 total closings, down on a percentage basis from 8 of 601 a year earlier. Closings of new and existing homes stayed level after increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $64,460, down from $170,942 a year earlier. This followed a 73.0% decline in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $147,591 to $63,822. Average mortgage size on new homes went from $223,855 in June 2014 to $76,641 in June 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 fell from 1,994 square feet a year earlier to 1,034 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 15.3% of existing home closings, down from 20.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.3% in July from 9.8% a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 11.0% a year earlier.