In the Bloomington, IL market in May, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 12 a year earlier to 8 after the figure moved from 17 in April 2015 to 7 in April 2016.
A total of 66 new homes were sold during the 12 months that ended in May, down from 70 for the year that ended in April.
New home closings were 8 out of the 161 total closings, a move on a percentage basis from 12 of 286 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $236,938, down from last year's $301,455. This was on the heels of a 18.1% boost in April year-over-year.
There was a decline in average mortgage size on new homes, going from $258,424 last year to $187,840 in May 2016. Average mortgage size on new homes went from $222,634 in April 2015 to $297,934 in April 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 May 2016.
The average unit size of newly sold homes fell from 2,094 square feet a year earlier to 864 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 5.2% of existing home closings, down from 10.6% a year earlier. The percentage of existing home closings involving foreclosures declined to no part in May from 4.4% a year earlier and REO closings moved from 6.2% of existing home closings in May 2015 to 5.2% in May 2016.