There was a rise in closings of new homes in the Bloomington, IL market in November year-over-year,. Closings stood at 3 in November after being 1 a year earlier and remaining unchanged at 4 in October from a year earlier.
A total of 83 new homes were sold during the 12 months that ended in November, up from 81 for the year that ended in October.
New home closings were 3 out of 100 total closings, making up 3.0%. This is up on a percentage basis from 1 of 64 a year earlier. Closings of new and existing homes jumped year-over-year in November following a fall in October year-over-year.
The average new home price was $301,667, down from $306,000 a year earlier. This followed a 1.0% decline in October from 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 November 2015.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 36.1% of existing home closings, below 52.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 21.6% in November from 31.7% a year earlier while REO closings as a percentage of existing home closings slid to 14.4% from 20.6% a year earlier.