In the Champaign, IL market, closings of new homes slid year-over-year in January, falling after a rise in December 2015. New home closings moved from 6 a year earlier to 5 after the figure moved from 4 in December 2014 to 8 in December 2015.
A total of 165 new homes were sold during the 12 months that ended in January, down from 166 for the year that ended in December.
5 of the 149 total closings were new home closings, a shift on a percentage basis from 6 out of 208 a year earlier. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average new home value went from $283,333 last year to $296,900. This followed a 7.6% decline in December from a year earlier.
Average mortgage size on new homes fell from $231,561 to $202,010. Average mortgage size on new homes went from $296,588 in December 2014 to $261,389 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 continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.4% of closings, below 21.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.3% in January from 10.9% a year earlier while REO closings as a percentage of existing home closings sank to 9.0% from 10.9% a year earlier.