In July, the Elkhart, IN market saw a drop year-over-year in new home closings, falling after remaining level in June from the year earlier. Closings stood at 0 in July after being 13 a year earlier and remaining unchanged at 3 in June from a year earlier.
New home closings represented none out of the 400 total closings, which is a smaller percentage than the 13 of 380 total closings a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 1,827 a year earlier.
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. Combined, foreclosures plus REO closings represented 8.8% of existing home closings, below 20.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.5% in July from 10.9% a year earlier while REO closings as a percentage of existing home closings slid to 5.2% from 9.3% a year earlier.