New home closings in the Kankakee, IL market fell year-over-year in June, falling after a rise in May 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 3 in May 2014 to 4 in May 2015.
A total of 43 new homes were sold during the 12 months that ended in June, down from 50 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 4.0% a year earlier. For new and existing homes, closings dropped in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $269,000, an increase from $228,678 a year earlier. This followed a 6.7% fall in May from a year earlier.
The average mortgage size on new homes was $200,000, up from $176,379. Average mortgage size on new homes went from $182,500 in May 2014 to $199,127 in May 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2015.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 28.2% of existing home closings, down from 57.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.6% in June from 13.6% a year earlier while REO closings as a percentage of existing home closings sank to 21.5% from 43.5% a year earlier.