In the Bloomington, IL market in March, new home closings dropped year-over-year, sliding after a growth in February 2016. New home closings moved from 12 a year earlier to 4 after the figure moved from 1 in February 2015 to 5 in February 2016.
A total of 80 new homes were sold during the 12 months that ended in March, down from 88 for the year that ended in February.
New home closings represented 4 out of the 82 total closings, which is a smaller percentage than the 12 of 163 total closings a year earlier. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes was $284,000, an increase from $278,022 a year earlier. This followed a more than twofold gain in February year-over-year.
Average mortgage size on new homes fell from $247,277 to $230,503. Average mortgage size on new homes went from $134,844 in February 2015 to $286,849 in February 2016.
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. Together, foreclosures plus REO closings represented 10.3% of existing home closings, down from 23.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.6% in March from 11.9% a year earlier while REO closings as a percentage of existing home closings slid to 7.7% from 11.3% a year earlier.