Closings of new homes in the Springfield, IL market dropped year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 7 a year earlier to 1 after the figure moved from 9 in August 2014 to 1 in August 2015.

New home closings were 2.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 325 total closings. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $375,000, an increase from $205,643 a year earlier. This came after a 34.7% decline in August from a year earlier.

Average mortgage size on new homes increased to $292,000 from $179,419 last year. Average mortgage size on new homes went from $258,981 in August 2014 to $185,250 in August 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 16.4% of existing closings, lower than 17.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.3% in September from 7.3% a year earlier while REO closings as a percentage of existing home closings declined to 8.0% from 9.8% a year earlier.

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