In the Bloomington, IN market in August, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 2 after the figure moved from 9 in July 2014 to 1 in July 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.3% a year earlier. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes was $300,287, an increase from $246,080 a year earlier. This followed a.
Average mortgage size on new homes went from $236,118 a year earlier to $240,230.
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.
The average unit size of newly sold homes fell from 2,235 square feet a year earlier to 1,880 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 9.2% of closings, below 11.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.3% in August from 5.4% a year earlier while REO closings as a percentage of existing home closings sank to 4.9% from 6.1% a year earlier.