New Home Sales Gain in Muncie According to Recent Data
Posted on: Apr 06, 2013 07:23:10 AM
The Muncie, IN market saw a rise in new home closings in January year-over-year, but the increase was less than December 2012. New home closings moved from none a year earlier to one after the figure moved from one in December 2011 to three in December 2012.
A total of 17 new homes were sold during the 12 months that ended in January, up from 16 for the year that ended in December.
Following a year-over-year increase in December, closings of new and existing homes also increased year-over-year in January.
Other Market Trends
The average size of newly sold homes was 1,232 in January 2013 while there were no new home closings a year earlier.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 45.3% of existing home closings, below 58.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 22.7% in January from 42.2% a year earlier while REO closings as a percentage of existing home closings rose to 22.7% from 16.7%.