The Bloomington, IN market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 9 a year earlier to 1 after the figure moved from 12 in June 2014 to 2 in June 2015.
New home closings were 2.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 379 total closings. For new and existing homes, closings gained year-over-year in July after also increasing in June year-over-year.
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 fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 5.0% of existing home closings, below 10.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.4% in July from 5.2% a year earlier while REO closings as a percentage of existing home closings slid to 2.6% from 4.9% a year earlier.