New home closings sank year-over-year in March in the Springfield, IL market, but the decline was less than the year-over-year decline in February. New home closings moved from 5 a year earlier to 1 after the figure moved from 5 in February 2015 to none in February 2016.
New home closings were 1.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 236 total closings. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes was $319,000, an increase from $284,932 a year earlier. This came after a.
Average mortgage size on new homes rose from $185,098 to $255,200.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.3% of existing closings, lower than 21.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.4% in March from 12.4% a year earlier and REO closings moved from 9.3% of existing home closings in March 2015 to 8.9% in March 2016.