Closings of new homes in the Springfield, IL market slid year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 3 a year earlier to 2 after the figure moved from 6 in December 2014 to none in December 2015.
2 of the 125 total closings were new home closings, a shift on a percentage basis from 3 out of 149 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also dropped year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $105,750, compared with $227,583 last year. This came after a.
The average mortgage size went down to $110,000 from $158,342 a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 26.8% of existing home closings, higher than 22.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.8% in January from 11.6% a year earlier while REO closings as a percentage of existing home closings rose to 17.1% from 11.0%.