In the Danville, IL market, new home closings slid year-over-year in May, dropping after staying level in April. Closings stood at 0 in May after being 1 a year earlier and remaining unchanged at 0 in April from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in April 2015 to none in April 2016.
New home closings were none out of the 87 total closings, down on a percentage basis from 1 of 99 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also dropped year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in May from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 27.6% of existing home closings, above 19.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.6% in May from 8.2% a year earlier while REO closings as a percentage of existing home closings grew to 14.9% from 11.2%.