Bloomington, IL - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:15:53 AM
The Bloomington, IL market saw a drop in new home sales year-over-year in February, dropping after a year-over-year increase in January 2012. New home sales moved from eight a year earlier to four after the figure moved from six in January 2011 to 14 in January 2012.
A total of 177 new homes were sold during the 12 months that ended in February, down from 181 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 3.8% from 7.5% a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.
Advertisement
Pricing and Mortgage Trends
The average price of new homes was $268,125, an increase from $216,563 a year earlier. This followed a 5.4% rise in January year-over-year.
Average mortgage size on new homes went from $223,623 a year earlier to $288,858. Average mortgage size on new homes went from $270,212 in January 2011 to $191,223 in January 2012.
Bloomington, IL - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 06, 2012 09:15:53 AM
The Bloomington, IL market saw a drop in new home sales year-over-year in February, dropping after a year-over-year increase in January 2012. New home sales moved from eight a year earlier to four after the figure moved from six in January 2011 to 14 in January 2012.
A total of 177 new homes were sold during the 12 months that ended in February, down from 181 for the year that ended in January.
On a percentage basis, new home sales as a part of total sales decreased to 3.8% from 7.5% a year earlier. Following a year-over-year rise in January, sales of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $268,125, an increase from $216,563 a year earlier. This followed a 5.4% rise in January year-over-year.
Average mortgage size on new homes went from $223,623 a year earlier to $288,858. Average mortgage size on new homes went from $270,212 in January 2011 to $191,223 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Out of all existing home sales, foreclosures combined with REO sales made up 18.0% of sales. They accounted for 22.4% in February 2011. The percentage of existing home sales involving foreclosures went from 9.2% in February 2011 to 10.0% in February 2012 and REO sales as a percentage of existing home sales dipped to 8.0% from 13.3% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence