New home closings sank year-over-year in April in the Champaign, IL market, a decline following a rise in March 2016. New home closings moved from 13 a year earlier to 10 after the figure moved from 5 in March 2015 to 6 in March 2016.
A total of 168 new homes were sold during the 12 months that ended in April, down from 171 for the year that ended in March.
New home closings were 4.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 10 of the 321 total closings. After dropping in March from a year earlier, closings of new and existing homes rose year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $293,100 from $287,269 a year ago. This followed a 15.7% hike in March year-over-year.
The average mortgage size moved to $246,400, down from last year's $266,519. Average mortgage size on new homes went from $287,826 in March 2015 to $335,595 in March 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 12.2% of existing closings, lower than 13.3% a year earlier. The percentage of existing home closings involving foreclosures went from 4.7% in April 2015 to 5.5% in April 2016 and REO closings as a percentage of existing home closings sank to 6.8% from 8.6% a year earlier.