In the Springfield, IL market in June, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 11 a year earlier to 4 after the figure moved from 9 in May 2015 to 3 in May 2016.
A total of 69 new homes were sold during the 12 months that ended in June, down from 76 for the year that ended in May.
New home closings were 2.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 397 total closings. For new and existing homes, closings fell in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $342,501, an increase from $253,147 a year earlier. This came after a 1.3% drop in May from a year earlier.
From the year-ago figure of $219,772, the average mortgage size on new homes moved up to $306,876. Average mortgage size on new homes went from $208,771 in May 2015 to $182,300 in May 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 rose in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 12.5% of existing home closings, up from 11.9% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in June 2015 to 6.9% in June 2016 and REO closings moved from 5.7% of existing home closings in June 2015 to 5.6% in June 2016.