Recent Figures Indicate New Home Closings in Evansville Fall
Posted on: Aug 08, 2014 11:20:28 AM
New home closings in the Evansville, IN market fell year-over-year in April, falling after a rise in March 2014. New home closings moved from 2 a year earlier to 1 after the figure moved from none in March 2013 to 1 in March 2014.
1 of the 609 total closings were new home closings, a shift on a percentage basis from 2 out of 541 a year earlier. After dropping in March from a year earlier, closings of new and existing homes grew year-over-year in April.
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.
The average unit size of newly sold homes fell from 2,423 square feet a year earlier to 1,862 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.6% of existing closings, lower than 24.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.7% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings slid to 8.9% from 14.7% a year earlier.