New Home Closings in Kankakee Climb, Prices Fall According to Freshest Figures
Posted on: May 06, 2013 07:18:15 AM
There was a rise in new home closings in the Kankakee, IL market in January year-over-year, and the increase was greater than December 2012. New home closings moved from one a year earlier to three after the figure moved from three in December 2011 to six in December 2012.
A total of 25 new homes were sold during the 12 months that ended in January, up from 23 for the year that ended in December.
New home closings were three out of 105 total closings, making up 2.9%. This is up on a percentage basis from one of 73 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also increased year-over-year in January.
Pricing and Mortgage Trends
The average value of new homes sold in January 2013 declined to $138,667 from the year-earlier figure of $165,000. This came after a 5.7% rise in December year-over-year.
Average mortgage size on new homes went from $60,000 a year earlier to $124,418. Average mortgage size on new homes went from $137,131 in December 2011 to $156,925 in December 2012. For new home closings, the percentage of the sale price that was being financed jumped 53.4 percentage points year-over-year to 89.7% in January 2013.