New Home Sales and Prices Decline in Bloomington According to Recent Data
Posted on: Mar 06, 2014 07:04:53 AM
In the Bloomington, IL market in December, new home closings sank year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 19 a year earlier to 5 after the figure moved from 16 in November 2012 to 1 in November 2013.
New home closings represented 5 out of the 80 total closings, which is a smaller percentage than the 19 of 217 total closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also dropped year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2013 was $262,800, down from last year's $304,421. This came after a 40.8% drop in November from a year earlier.
The average mortgage size on new homes was $230,713, up from $215,445.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2013.