Closings of new homes in the Michigan City, IN market remained unchanged year-over-year in February, remaining relatively stable after moving north year-over-year in January from the year earlier. New home closings moved from 1 a year earlier to 1 after the figure moved from none in January 2015 to 2 in January 2016. Closings remained level at 1 from a year earlier after the figure moved from none in January 2015 to 2 in January 2016.
1 of the 156 total closings were new home closings, a shift on a percentage basis from 1 out of 131 a year earlier. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 23.9% of existing closings, lower than 38.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.5% in February from 18.5% a year earlier while REO closings as a percentage of existing home closings declined to 17.4% from 20.0% a year earlier.