New home closings in the Bloomington, IL market sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 17 a year earlier to 7 after the figure moved from 12 in March 2015 to 4 in March 2016.
A total of 70 new homes were sold during the 12 months that ended in April, down from 80 for the year that ended in March.
Last year, 17 of 276 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 213 total closings. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $276,912 last year to $327,143. This came after a 2.2% lift in March year-over-year.
Average mortgage size on new homes went from $222,634 a year earlier to $297,934. Average mortgage size on new homes went from $247,277 in March 2015 to $230,503 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 9.2% of closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in April 2015 to 3.9% in April 2016 and REO closings as a percentage of existing home closings slid to 5.3% from 8.5% a year earlier.