There was an increase in closings of new homes in the Bloomington, IL market in February year-over-year, and the increase was greater than January 2016. New home closings moved from 1 a year earlier to 5 after the figure moved from 2 in January 2015 to 3 in January 2016.
A total of 88 new homes were sold during the 12 months that ended in February, up from 84 for the year that ended in January.
New home closings were 5 of the 95 total closings, up on a percentage basis from 1 of 69 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $342,900 from $139,500 a year ago. This came after a 44.1% drop in January from a year earlier.
From the year-ago figure of $134,844, the average mortgage size on new homes moved up to $286,849. Average mortgage size on new homes went from $349,813 in January 2015 to $248,916 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 22.2% of existing closings, lower than 32.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.9% in February from 16.2% a year earlier while REO closings as a percentage of existing home closings slid to 13.3% from 16.2% a year earlier.