In the Kankakee, IL market in July, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 3 a year earlier to 2 after the figure moved from 9 in June 2014 to 2 in June 2015.
A total of 44 new homes were sold during the 12 months that ended in July, down from 45 for the year that ended in June.
2 of the 175 total closings were new home closings, a shift on a percentage basis from 3 out of 169 a year earlier. After dropping in June from a year earlier, closings of new and existing homes grew year-over-year in July.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $290,750 from $241,333 a year ago. This was on the heels of a 17.6% boost in June year-over-year.
There was a decline in average mortgage size on new homes, going from $137,500 last year to $65,000 in July 2015. Average mortgage size on new homes went from $176,379 in June 2014 to $200,000 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 36.4% of existing home closings, below 37.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.8% in July from 16.9% a year earlier while REO closings as a percentage of existing home closings fell to 15.6% from 20.5% a year earlier.