In the Springfield, IL market in April, new home closings declined year-over-year, and the decline was by a larger percentage than the March 2012. New home closings moved from 14 a year earlier to six after the figure moved from 12 in March 2011 to seven in March 2012.
A total of 117 new homes were sold during the 12 months that ended in April, down from 125 for the year that ended in March.
New home closings were six out of the 270 total closings, down on a percentage basis from 14 of 227 a year earlier. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $231,667 in April 2012, up from $209,269 a year earlier. This followed a 7.2% decline in March from a year earlier.
Average mortgage size on new homes moved from $197,597 to $197,299. Average mortgage size on new homes went from $247,694 in March 2011 to $201,188 in March 2012.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for 13 of 14 last year. Meanwhile, attached units made up no part of new home closings after making up one of 14 closings a year earlier.
Foreclosures and real estate owned (REO) closings staying steady in April from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 14.0% of existing closings, about the same as a year earlier. The percentage of existing home closings involving foreclosures rose to 6.1% in April from 4.7% a year earlier while REO closings as a percentage of existing home closings fell to 8.0% from 9.4% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Springfield, IL area.