In the Bloomington, IN market, closings of new homes sank year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 2 after the figure moved from 9 in July 2014 to 1 in July 2015.
New home closings were 2 out of the 329 total closings, down on a percentage basis from 7 of 302 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $300,287 from $246,080 a year ago. This was on the heels of a.
Average mortgage size on new homes rose from $236,118 to $240,230.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,235 square feet a year earlier to 1,880 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 9.2% of existing home closings, below 11.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.3% in August from 5.4% a year earlier while REO closings as a percentage of existing home closings slid to 4.9% from 6.1% a year earlier.