Newest Figures Show New Home Sales Increase in Kankakee, Prices Decline
Posted on: Aug 08, 2014 11:29:10 AM
There was an increase in closings of new homes in the Kankakee, IL market in April year-over-year, but the increase was less than March 2014. New home closings moved from 2 a year earlier to 5 after the figure moved from 1 in March 2013 to 3 in March 2014.
New home closings were 5 of the 129 total closings, up on a percentage basis from 2 of 159 a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $252,000, compared with $293,500 last year. This came after a 75.9% boost in March year-over-year.
The average mortgage size went down to $137,100 from $224,000 a year earlier. Average mortgage size on new homes went from $121,505 in March 2013 to $202,307 in March 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.