In the Springfield, IL market, closings of new homes slid year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 8 a year earlier to 1 after the figure moved from 11 in July 2014 to none in July 2015.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 319 total closings. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $195,000, down from last year's $309,188. This was on the heels of a.
The average mortgage size went down to $185,250 from $269,803 a year earlier.
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.
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. Foreclosures and REO closings, taken together, represented 11.6% of existing closings, lower than 14.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.7% in August from 7.0% a year earlier and REO closings moved from 7.7% of existing home closings in August 2014 to 6.9% in August 2015.