There was a rise in closings of new homes in the Janesville, WI market in January year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 1 a year earlier to 5 after the figure moved from 8 in December 2014 to 4 in December 2015.
New home closings were 5 out of 171 total closings, making up 2.9%. This is up on a percentage basis from 1 of 156 a year earlier. Closings of new and existing homes jumped year-over-year in January after also rising in December year-over-year.
The average price of new homes rose to $190,020 from last year's $167,400. This came after a 14.2% gain in December year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 13.3% of existing home closings, down from 30.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.2% in January from 16.8% a year earlier while REO closings as a percentage of existing home closings dropped to 6.0% from 13.5% a year earlier.