Closings of new homes in the Kankakee, IL market declined year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 5 a year earlier to 1 after the figure moved from 7 in October 2014 to none in October 2015.
Last year, 5 of 140 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 108 total closings. Following a year-over-year rise in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average new home value went from $238,000 last year to $280,000. This followed a.
The average mortgage size on new homes was $264,900, up from $190,165.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 41.1% of closings, below 51.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.0% in November from 18.5% a year earlier while REO closings as a percentage of existing home closings sank to 26.2% from 33.3% a year earlier.