In the Bloomington, IN market, new home closings sank year-over-year in June, and the decline was by a larger percentage than the May 2015. New home closings moved from 12 a year earlier to 2 after the figure moved from 6 in May 2014 to 4 in May 2015.
Last year, 12 of 328 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 388 total closings. For new and existing homes, closings climbed year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2015 was $199,382, down from last year's $248,934. This followed a 18.2% hike in May year-over-year.
The average mortgage size went down to $197,408 from $208,389 a year earlier. Average mortgage size on new homes went from $187,138 in May 2014 to $192,089 in May 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 drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 8.5% of existing closings, lower than 13.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.6% in June from 5.4% a year earlier while REO closings as a percentage of existing home closings dropped to 4.9% from 8.5% a year earlier.