Closings of new homes in the Rockford, IL market jumped year-over-year in June, and the increase was greater than May 2016. New home closings moved from 1 a year earlier to 3 after the figure moved from 5 in May 2015 to 7 in May 2016.
A total of 51 new homes were sold during the 12 months that ended in June, up from 49 for the year that ended in May.
New home closings were 3 out of the 631 total closings, a move on a percentage basis from 1 of 552 a year earlier. Closings of new and existing homes gained year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $224,233, down from last year's $346,500. This was on the heels of a 21.0% rise in May year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $329,175 to $199,378. Average mortgage size on new homes went from $186,746 in May 2015 to $179,804 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 28.3% of existing closings, lower than 29.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.7% in June from 9.4% a year earlier while REO closings as a percentage of existing home closings declined to 15.6% from 20.0% a year earlier.