In the Champaign, IL market in December, closings of new homes gained year-over-year, and the increase was greater than November 2015. New home closings moved from 4 a year earlier to 8 after the figure moved from 8 in November 2014 to 9 in November 2015.
A total of 166 new homes were sold during the 12 months that ended in December, up from 162 for the year that ended in November.
New home closings were 8 of the 235 total closings, up on a percentage basis from 4 of 302 a year earlier. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $314,325, compared with $340,250 last year. This followed a 14.9% drop in November from a year earlier.
Average mortgage size on new homes fell from $296,588 to $261,389. Average mortgage size on new homes went from $305,006 in November 2014 to $232,665 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 10.1% of existing home closings, down from 21.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.4% in December from 14.8% a year earlier while REO closings as a percentage of existing home closings declined to 5.7% from 7.0% a year earlier.