In the Springfield, IL market, closings of new homes declined year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 10 in March 2015 to 6 in March 2016.
A total of 82 new homes were sold during the 12 months that ended in April, down from 86 for the year that ended in March.
Last year, 5 of 280 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 253 total closings. For new and existing homes, closings sank in April after also declining in March year-over-year.
The average price for newly sold homes moved north to $315,000 from $231,335 a year ago. This came after a 15.5% boost in March year-over-year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 15.1% of existing home closings, higher than 14.2% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in April 2015 to 7.1% in April 2016 and REO closings as a percentage of existing home closings increased to 7.9% from 6.9%.