Closings of new homes in the Springfield, IL market declined year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 5 a year earlier to none after the figure moved from 3 in January 2015 to 2 in January 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.3% a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 26.1% of existing home closings, down from 28.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.0% in February from 15.9% a year earlier while REO closings as a percentage of existing home closings grew to 17.0% from 13.0%.