There was a rise in closings of new homes in the Bloomington, IL market in June year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 7 a year earlier to 13 after the figure moved from 13 in May 2015 to 9 in May 2016.
A total of 88 new homes were sold during the 12 months that ended in June, up from 82 for the year that ended in May.
New home closings were 13 out of 294 total closings, making up 4.4%. This is up on a percentage basis from 7 of 230 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also increased year-over-year in June.
Pricing and Mortgage Trends
The average price for new homes in June 2016 was $268,192, a shift from $267,357 last year. This came after a 27.7% decline in May from a year earlier.
The average mortgage size went down to $217,772 from $254,509 a year earlier. Average mortgage size on new homes went from $269,685 in May 2015 to $182,885 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes remained steady year-over-year at 2,078 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.1% of closings, below 22.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.3% in June from 7.2% a year earlier while REO closings as a percentage of existing home closings declined to 2.8% from 15.7% a year earlier.