The Janesville, WI market saw an increase in closings of new homes in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 1 a year earlier to 5 after the figure moved from 5 in July 2014 to 4 in July 2015.
New home closings were 5 out of 198 total closings, making up 2.5%. This is up on a percentage basis from 1 of 278 a year earlier. After rising year-over-year in July, closings of new and existing homes slid year-over-year in August.
The average per-unit price of new homes was $155,580, compared with $169,500 last year. This was on the heels of a 1.2% drop in July from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 10.4% of existing closings, lower than 17.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.7% in August from 8.3% a year earlier while REO closings as a percentage of existing home closings sank to 5.7% from 9.4% a year earlier.