In the Decatur, IL market, closings of new homes declined year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 3 a year earlier to 1 after the figure moved from 1 in July 2014 to none in July 2015.
New home closings were 1 out of the 213 total closings, down on a percentage basis from 3 of 147 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $225,000, a move from $224,667 a year earlier. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $190,366 to $80,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.0% of closings, below 22.2% a year earlier. The percentage of existing home closings involving foreclosures went from 9.7% in August 2014 to 9.4% in August 2015 and REO closings as a percentage of existing home closings dropped to 6.6% from 12.5% a year earlier.