New home closings in the Champaign, IL market slid year-over-year in June, shifting down after remaining relatively stable in May from the year earlier. Closings moved to 19, marking a 5.0% decline from a year earlier. Closings were steady in May from the year earlier.

A total of 167 new homes were sold during the 12 months that ended in June, down from 168 for the year that ended in May.

Of the total number of closings, new home closings made up 4.4%. A year ago, new home closings made up 4.1%. Following a year-over-year decline in May, closings of new and existing homes also dropped year-over-year in June.

Pricing and Mortgage Trends

In June, the average price of newly sold homes declined 3.5% year-over-year to $330,921 per unit. This drop is larger than the 3.0% decline in May from a year earlier.

For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. In June 2016, average mortgage size on new homes sold was $258,641, down 9.8% from a year earlier. Average mortgage size declined 7.6% in May 2016 from a year earlier.

Other Market Trends

Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 90.0% in June 2015 to all of closings in June 2016. Meanwhile, attached units as a percentage of all new home closings dropped to no part of closings from 10.0% of closings.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.1% of closings, below 10.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.2% in June from 5.1% a year earlier and REO closings moved from 5.3% of existing home closings in June 2015 to 4.9% in June 2016.

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