There was an increase in new home closings in the Janesville, WI market in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 3 a year earlier to 11 after the figure moved from 9 in March 2015 to 6 in March 2016.
A total of 66 new homes were sold during the 12 months that ended in April, up from 58 for the year that ended in March.
New home closings were 11 of the 333 total closings, up on a percentage basis from 3 of 235 a year earlier. After dropping in March from a year earlier, closings of new and existing homes jumped year-over-year in April.
The average price for newly sold homes moved north to $185,336 from $151,933 a year ago. This came after a 13.1% boost in March year-over-year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 11.8% of existing home closings, up from 11.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.0% in April from 6.5% a year earlier while REO closings as a percentage of existing home closings increased to 7.8% from 5.2%.