In September, the Champaign, IL market saw a decline year-over-year in new home closings, dropping after a year-over-year increase in August 2015. New home closings moved from 15 a year earlier to 14 after the figure moved from 18 in August 2014 to 30 in August 2015.
A total of 165 new homes were sold during the 12 months that ended in September, down from 166 for the year that ended in August.
14 of the 323 total closings were new home closings, a shift on a percentage basis from 15 out of 321 a year earlier. After a drop in August year-over-year, new and existing home closings stayed level in September.
Pricing and Mortgage Trends
The average price of new homes rose to $333,893 from last year's $312,033. This was on the heels of a 3.9% boost in August year-over-year.
The average mortgage size on new homes was $273,637, up from $242,294. In August 2015, average mortgage size on newly sold homes saw a 5.8% surge year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 14.6% of existing home closings, down from 15.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.2% in September from 8.2% a year earlier while REO closings as a percentage of existing home closings gained to 9.4% from 6.9%.