In March, there was an increase in closings of new homes in the Champaign, IL market year-over-year, but the increase was less than February 2016. New home closings moved from 5 a year earlier to 6 after the figure moved from 9 in February 2015 to 12 in February 2016.
A total of 171 new homes were sold during the 12 months that ended in March, up from 170 for the year that ended in February.
New home closings were 6 out of the 232 total closings, a move on a percentage basis from 5 of 282 a year earlier. Following a year-over-year rise in February, closings of new and existing homes sank year-over-year in March.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $314,750, down from last year's $336,800. This was on the heels of a 32.1% fall in February from a year earlier.
The average mortgage size moved to $282,011, down from last year's $287,826. Average mortgage size on new homes went from $332,641 in February 2015 to $226,262 in February 2016.
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 March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 14.2% of existing closings, lower than 17.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.5% in March from 6.9% a year earlier and REO closings moved from 10.8% of existing home closings in March 2015 to 10.6% in March 2016.