Closings of new homes in the Bloomington, IL market remained unchanged year-over-year in September, staying flat after dropping year-over-year in August from the year earlier. Closings remained level at 10 from a year earlier after the figure moved from 13 in August 2014 to 6 in August 2015.
A total of 80 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
10 of the 244 total closings were new home closings, a shift on a percentage basis from 10 out of 211 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also jumped year-over-year in September.
Pricing and Mortgage Trends
The average new home value went from $281,010 last year to $328,460. This came after a 1.7% drop in August from a year earlier.
The average mortgage size on new homes was $263,963, up from $255,741. Average mortgage size on new homes went from $275,876 in August 2014 to $244,151 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 drop from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 9.8% of existing home closings, down from 14.4% a year earlier. The percentage of existing home closings involving foreclosures went from 5.0% in September 2014 to 4.7% in September 2015 and REO closings as a percentage of existing home closings slid to 5.1% from 9.5% a year earlier.