Danville, IL - Local Housing Data - Summary

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New Home Sales Decrease in Danville According to Newest Data

Posted on: Jul 06, 2014 07:09:11 AM

In the Danville, IL market, new home closings declined year-over-year in March, falling after remaining level in February from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in February 2013 to none in February 2014. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 0 in February from a year earlier.

New home closings were none out of the 60 total closings, down on a percentage basis from 1 of 84 a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 45.0% of existing home closings, down from 47.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 20.0% in March from 24.1% a year earlier while REO closings as a percentage of existing home closings gained to a quarter from 22.9%.

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