Closings of new homes in the Springfield, IL market declined year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 11 a year earlier to 4 after the figure moved from 9 in May 2015 to 3 in May 2016.
A total of 69 new homes were sold during the 12 months that ended in June, down from 76 for the year that ended in May.
Last year, 11 of 464 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 397 total closings. Following a year-over-year decline in May, closings of new and existing homes also slid year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $253,147 last year to $342,501. This was on the heels of a 1.3% decline in May from a year earlier.
Average mortgage size on new homes increased to $306,876 from $219,772 last year. Average mortgage size on new homes went from $208,771 in May 2015 to $182,300 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 12.5% of existing home closings, up from 11.9% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in June 2015 to 6.9% in June 2016 and REO closings moved from 5.7% of existing home closings in June 2015 to 5.6% in June 2016.