New home closings slid year-over-year in March in the Janesville, WI market, a decline following a rise in February 2016. New home closings moved from 9 a year earlier to 6 after the figure moved from none in February 2015 to 4 in February 2016.
A total of 58 new homes were sold during the 12 months that ended in March, down from 61 for the year that ended in February.
New home closings were 6 out of the 177 total closings, a move on a percentage basis from 9 of 248 a year earlier. Following a year-over-year rise in February, closings of new and existing homes fell year-over-year in March.
The average price of new homes was $197,783, an increase from $174,889 a year earlier. This was on the heels of a shift from no closings in February 2015 to an average price of $258,350 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 15.8% of existing home closings, above 15.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.3% in March from 7.1% a year earlier while REO closings as a percentage of existing home closings grew to 10.5% from 7.9%.