The Springfield, IL market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 11 a year earlier to none after the figure moved from 16 in June 2014 to 2 in June 2015.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 373 total closings. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.8% of closings, below 14.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.8% in July from 6.3% a year earlier while REO closings as a percentage of existing home closings fell to 7.0% from 8.1% a year earlier.