Closings of new homes sank year-over-year in November in the Springfield, IL market, and the decline was by a larger percentage than the October 2015. New home closings moved from 4 a year earlier to none after the figure moved from 5 in October 2014 to 1 in October 2015.
New home closings were none out of the 218 total closings, down on a percentage basis from 4 of 216 a year earlier. After being steady in October from a year earlier, closings of new and existing homes remained level in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 16.1% of existing home closings, above 15.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.5% in November from 7.1% a year earlier while REO closings as a percentage of existing home closings gained to 10.6% from 8.5%.