In the Champaign, IL market in February, closings of new homes rose year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 9 a year earlier to 12 after the figure moved from 6 in January 2015 to 5 in January 2016.
A total of 169 new homes were sold during the 12 months that ended in February, up from 166 for the year that ended in January.
New home closings were 12 out of 185 total closings, making up 6.5%. This is up on a percentage basis from 9 of 189 a year earlier. Closings of new and existing homes dropped year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $259,667, compared with $382,222 last year. This was on the heels of a 4.8% bump in January year-over-year.
The average mortgage size went down to $226,262 from $332,641 a year earlier. Average mortgage size on new homes went from $231,561 in January 2015 to $202,010 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 14.5% of existing home closings, down from 21.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.9% in February from 12.2% a year earlier while REO closings as a percentage of existing home closings declined to 7.5% from 9.4% a year earlier.