The Champaign, IL market saw a drop in new home closings year-over-year in April, a decline following a rise in March 2016. New home closings moved from 13 a year earlier to 10 after the figure moved from 5 in March 2015 to 6 in March 2016.
A total of 168 new homes were sold during the 12 months that ended in April, down from 171 for the year that ended in March.
Last year, 13 of 292 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 321 total closings. Following a drop in March year-over-year, closings of new and existing homes climbed year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $293,100 from $287,269 a year ago. This was on the heels of a 15.7% lift in March year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $266,519 to $246,400. Average mortgage size on new homes went from $287,826 in March 2015 to $335,595 in March 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
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. Together, foreclosures plus REO closings represented 12.2% of existing home closings, down from 13.3% a year earlier. The percentage of existing home closings involving foreclosures went from 4.7% in April 2015 to 5.5% in April 2016 and REO closings as a percentage of existing home closings declined to 6.8% from 8.6% a year earlier.