Recent Figures Show New Home Sales and Prices Climb in Bloomington
Posted on: Aug 08, 2014 11:10:32 AM
In May, there was an increase in closings of new homes in the Bloomington, IL market year-over-year,. New home closings moved from 3 a year earlier to 4 after the figure moved from none in April 2013 to 8 in April 2014.
Last year, 3 of 67 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 122 total closings. Closings of new and existing homes climbed year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $332,800 last year to $343,250. This came after a set of periods with no new home closings in both April 2014 or April 2013.
The average mortgage size on new homes was $317,119, up from $302,400.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.