In the Bloomington, IN market, closings of new homes declined year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 2 a year earlier to 1 after the figure moved from 4 in May 2015 to none in May 2016.
New home closings were 1 out of the 358 total closings, a move on a percentage basis from 2 of 393 a year earlier. After rising year-over-year in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $180,662, down from $199,382 a year earlier. This was on the heels of a.
There was a decline in average mortgage size on new homes, going from $197,408 last year to $144,530 in June 2016.
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 2,168 square feet a year earlier to 1,248 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 5.3% of existing home closings, below 8.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.0% in June from 3.6% a year earlier while REO closings as a percentage of existing home closings dropped to 3.4% from 4.9% a year earlier.