In the Muncie, IN market in April, new home closings slid year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 2 a year earlier to none after the figure moved from 3 in March 2015 to 1 in March 2016.
Last year, 2 of 199 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 202 total closings. For new and existing homes, closings jumped year-over-year in April after also increasing in March year-over-year.
Other Market Trends
There were no new home closings in April 2016, but average size of newly sold homes was 1,935 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 16.8% of closings, below 27.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.9% in April from 14.7% a year earlier while REO closings as a percentage of existing home closings sank to 6.9% from 12.7% a year earlier.