Closings of new homes in the Champaign, IL market fell year-over-year in September, a decline following a rise in August 2015. New home closings moved from 15 a year earlier to 14 after the figure moved from 18 in August 2014 to 30 in August 2015.
A total of 165 new homes were sold during the 12 months that ended in September, down from 166 for the year that ended in August.
New home closings were 14 out of the 323 total closings, a move on a percentage basis from 15 of 321 a year earlier. Closings of new and existing homes remained steady in September after falling in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $333,893, an increase from $312,033 a year earlier. This was on the heels of a 3.9% rise in August year-over-year.
The average mortgage size on new homes was $273,637, up from $242,294. Average mortgage size rose 5.8% in August 2015 from a year earlier.
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 September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 14.6% of existing closings, lower than 15.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.2% in September from 8.2% a year earlier while REO closings as a percentage of existing home closings increased to 9.4% from 6.9%.