There was a rise in closings of new homes in the Champaign, IL market in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 8 a year earlier to 9 after the figure moved from 12 in October 2014 to 8 in October 2015.

A total of 162 new homes were sold during the 12 months that ended in November, up from 161 for the year that ended in October.

New home closings were 9 out of the 201 total closings, a move on a percentage basis from 8 of 227 a year earlier. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $308,722, compared with $362,938 last year. This followed a 4.6% rise in October year-over-year.

Average mortgage size on new homes fell from $305,006 to $232,665. Average mortgage size on new homes went from $302,714 in October 2014 to $282,919 in October 2015.

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 decline from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 9.9% of existing closings, lower than 16.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.1% in November from 6.4% a year earlier while REO closings as a percentage of existing home closings dropped to 6.8% from 10.0% a year earlier.

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