New home closings sank year-over-year in April in the Decatur, IL market, falling after remaining level in March from the year earlier. Closings stood at 0 in April after being 1 a year earlier and remaining unchanged at 0 in March from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in March 2015 to none in March 2016.
None of the 161 total closings were new home closings, a shift on a percentage basis from 1 out of 154 a year earlier. Following a decline in March year-over-year, closings of new and existing homes climbed year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 23.6% of existing home closings, above 20.9% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in April 2015 to 9.9% in April 2016 and REO closings as a percentage of existing home closings grew to 13.7% from 11.1%.