In the Bloomington, IL market, closings of new homes grew year-over-year in July, and the increase was greater than June 2016. New home closings moved from 5 a year earlier to 15 after the figure moved from 7 in June 2015 to 14 in June 2016.
A total of 100 new homes were sold during the 12 months that ended in July, up from 90 for the year that ended in June.
New home closings were 15 of the 208 total closings, up on a percentage basis from 5 of 206 a year earlier. Closings of new and existing homes remained steady in July after rising in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $321,033, down from $337,100 a year earlier. This came after a 2.2% decline in June from a year earlier.
Average mortgage size on new homes increased to $273,169 from $195,086 last year. Average mortgage size on new homes went from $254,509 in June 2015 to $213,728 in June 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 3.6% of existing closings, lower than 15.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.0% in July from 5.5% a year earlier while REO closings as a percentage of existing home closings fell to 2.6% from 10.0% a year earlier.