Bloomington, IL - Newest Figures for New Home Closings Suggest Market Decrease is Mounting
Posted on: Nov 13, 2012 09:50:16 AM
In the Bloomington, IL market in August, new home closings slid year-over-year, and the decline was by a larger percentage than the July 2012. New home closings moved from 15 a year earlier to one after the figure moved from 14 in July 2011 to 13 in July 2012.
A total of 152 new homes were sold during the 12 months that ended in August, down from 166 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 4.5% from 7.2% a year earlier. After rising year-over-year in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $136,500 in August 2012, down from $215,250 a year earlier. This was on the heels of a 11.5% gain in July year-over-year.
The average mortgage size moved to $109,200, down from last year's $168,589. Average mortgage size on new homes went from $190,516 in July 2011 to $267,420 in July 2012. The overall percentage of sale price that was being financed increased 1.7 percentage points year-over-year to 80.0% in August 2012.