In May, there was a drop year-over-year in new home closings in the Danville, IL market, dropping after staying level in April. Closings stood at 0 in May after being 1 a year earlier and remaining unchanged at 0 in April from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in April 2015 to none in April 2016.
New home closings were 1.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 87 total closings. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 27.6% of existing home closings, above 19.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.6% in May from 8.2% a year earlier while REO closings as a percentage of existing home closings rose to 14.9% from 11.2%.