In the Springfield, IL market, new home closings dropped year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 10 in March 2015 to 6 in March 2016.
A total of 82 new homes were sold during the 12 months that ended in April, down from 86 for the year that ended in March.
New home closings were 1 out of the 253 total closings, down on a percentage basis from 5 of 280 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
The average price for newly sold homes moved north to $315,000 from $231,335 a year ago. This came after a 15.5% lift in March year-over-year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 15.1% of existing home closings, above 14.2% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in April 2015 to 7.1% in April 2016 and REO closings as a percentage of existing home closings increased to 7.9% from 6.9%.