In the Springfield, IL market in June, new home closings slid year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 11 a year earlier to 4 after the figure moved from 9 in May 2015 to 3 in May 2016.
A total of 69 new homes were sold during the 12 months that ended in June, down from 76 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 2.4% a year earlier. Following a year-over-year decline in May, closings of new and existing homes also fell year-over-year in June.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $342,501 from $253,147 a year ago. This followed a 1.3% fall in May from a year earlier.
Average mortgage size on new homes rose from $219,772 to $306,876. Average mortgage size on new homes went from $208,771 in May 2015 to $182,300 in May 2016.
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 increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.5% of existing home closings, up from 11.9% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in June 2015 to 6.9% in June 2016 and REO closings moved from 5.7% of existing home closings in June 2015 to 5.6% in June 2016.