In May, closings of new homes in the Janesville, WI market gained year-over-year, but the increase was less than April 2016. New home closings moved from 5 a year earlier to 9 after the figure moved from 3 in April 2015 to 11 in April 2016.
A total of 70 new homes were sold during the 12 months that ended in May, up from 66 for the year that ended in April.
9 of the 387 total closings were new home closings, a shift on a percentage basis from 5 out of 287 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also climbed year-over-year in May.
The average new home price was $194,833, up from $183,400 a year earlier. This came after a 22.0% gain in April year-over-year.
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.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 14.6% of existing home closings, up from 12.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.2% in May from 7.1% a year earlier while REO closings as a percentage of existing home closings increased to 11.4% from 5.7%.