In the Bloomington, IL market in April, new home closings declined year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 17 a year earlier to 7 after the figure moved from 12 in March 2015 to 4 in March 2016.
A total of 70 new homes were sold during the 12 months that ended in April, down from 80 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 3.3% from 6.2% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $327,143 from last year's $276,912. This followed a 2.2% rise in March year-over-year.
Average mortgage size on new homes rose from $222,634 to $297,934. Average mortgage size on new homes went from $247,277 in March 2015 to $230,503 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 9.2% of existing home closings, down from 12.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in April 2015 to 3.9% in April 2016 and REO closings as a percentage of existing home closings dropped to 5.3% from 8.5% a year earlier.