New home closings in the Bloomington, IN market stayed the same year-over-year in March, staying flat after dropping year-over-year in February from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 2 in February 2015 to none in February 2016.
New home closings were 2 out of the 264 total closings, a move on a percentage basis from 2 of 233 a year earlier. For new and existing homes, closings grew year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $152,625, down from $274,684 a year earlier. This was on the heels of a.
The average mortgage size went down to $122,100 from $219,747 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 9.9% of existing home closings, below 12.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.7% in March from 3.5% a year earlier while REO closings as a percentage of existing home closings dropped to 4.2% from 9.1% a year earlier.