In the Springfield, IL market, new home closings sank year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 9 a year earlier to 3 after the figure moved from 5 in April 2015 to 1 in April 2016.
A total of 76 new homes were sold during the 12 months that ended in May, down from 82 for the year that ended in April.
Last year, 9 of 422 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 366 total closings. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $248,467, down from $251,856 a year earlier. This came after a 36.2% surge in April year-over-year.
The average mortgage size went down to $182,300 from $208,771 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 8.8% of existing home closings, below 12.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.7% in May from 6.8% a year earlier while REO closings as a percentage of existing home closings declined to 4.1% from 5.6% a year earlier.