Freshest Figures Show New Home Sales and Prices Fall in Champaign
Posted on: Aug 08, 2014 11:13:00 AM
In the Champaign, IL market in May, new home closings sank year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 17 a year earlier to 13 after the figure moved from 13 in April 2013 to 8 in April 2014.
A total of 159 new homes were sold during the 12 months that ended in May, down from 163 for the year that ended in April.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 13 of the 381 total closings. After falling in April from a year earlier, closings of new and existing homes stayed steady in May.
Pricing and Mortgage Trends
The average new home price was $267,692, down from $278,118 a year earlier. This was on the heels of a 5.2% decline in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $225,479 last year to $203,390 in May 2014. Average mortgage size on new homes went from $237,542 in April 2013 to $193,023 in April 2014.