In January, there was an increase in closings of new homes in the Bloomington, IL market year-over-year,. Closings stood at 3 in January after being 2 a year earlier and remaining unchanged at 4 in December from a year earlier.
A total of 84 new homes were sold during the 12 months that ended in January, up from 83 for the year that ended in December.
New home closings were 3 out of the 107 total closings, a move on a percentage basis from 2 of 78 a year earlier. After dropping in December from a year earlier, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $259,500, compared with $464,500 last year. This came after a 3.6% decline in December from a year earlier.
Average mortgage size on new homes fell from $349,813 to $248,916. Average mortgage size on new homes went from $255,094 in December 2014 to $258,492 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 26.9% of existing home closings, down from 46.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.5% in January from 30.3% a year earlier while REO closings as a percentage of existing home closings slid to 14.4% from 15.8% a year earlier.