Closings of new homes dropped year-over-year in August in the Bloomington, IL market, but the decline was less than the year-over-year decline in July. New home closings moved from 13 a year earlier to 8 after the figure moved from 10 in July 2014 to 4 in July 2015.
A total of 83 new homes were sold during the 12 months that ended in August, down from 88 for the year that ended in July.
New home closings represented 8 out of the 260 total closings, which is a smaller percentage than the 13 of 210 total closings a year earlier. After dropping in July from a year earlier, closings of new and existing homes climbed year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $255,500, compared with $309,328 last year. This followed a 21.8% gain in July year-over-year.
The average mortgage size went down to $230,360 from $275,876 a year earlier. Average mortgage size on new homes went from $222,922 in July 2014 to $195,086 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 1,702 square feet a year earlier to 1,604 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 7.1% of closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.8% in August from 5.6% a year earlier while REO closings as a percentage of existing home closings declined to 4.4% from 7.1% a year earlier.