New home closings sank year-over-year in August in the Fort Wayne, IN market, and the decline was by a larger percentage than the July 2015. New home closings moved from 44 a year earlier to 4 after the figure moved from 46 in July 2014 to 14 in July 2015.
A total of 296 new homes were sold during the 12 months that ended in August, down from 336 for the year that ended in July.
New home closings were 4 out of the 907 total closings, down on a percentage basis from 44 of 1,004 a year earlier. After rising year-over-year in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $295,355 from last year's $238,283. This came after a 12.5% lift in July year-over-year.
Average mortgage size on new homes rose from $198,271 to $236,284. Average mortgage size on new homes went from $194,056 in July 2014 to $223,249 in July 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 2,136 square feet a year earlier to 1,416 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 15.6% of existing home closings, down from 20.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.8% in August from 10.8% a year earlier and REO closings moved from 9.4% of existing home closings in August 2014 to 8.9% in August 2015.