New home closings in the Bloomington, IL market were unchanged year-over-year in December, remaining relatively stable after moving north year-over-year in November from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 1 in November 2014 to 3 in November 2015.
A total of 83 new homes were sold during the 12 months that ended in December, equal to the number of new homes sold for the year that ended in November.
New home closings were 4 out of 81 total closings, making up 4.9%. This is up on a percentage basis from 4 of 116 a year earlier. After rising year-over-year in November, closings of new and existing homes sank year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $286,375, down from last year's $297,083. This was on the heels of a 1.4% fall in November from a year earlier.
From the year-ago figure of $255,094, the average mortgage size on new homes moved up to $258,492.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 24.7% of existing home closings, down from 27.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.2% in December from 15.2% a year earlier while REO closings as a percentage of existing home closings gained to 19.5% from 12.5%.