New home closings in the Bloomington, IN market fell year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 3 a year earlier to none after the figure moved from 10 in December 2014 to 1 in December 2015.
Last year, 3 of 249 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 185 total closings. Closings of new and existing homes saw a decline year-over-year in January after remaining steady in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.2% of existing home closings, higher than 20.3% a year earlier. The percentage of existing home closings involving foreclosures went from 12.6% in January 2015 to 13.5% in January 2016 and REO closings as a percentage of existing home closings grew to 9.7% from 7.7%.