There was a rise in closings of new homes in the Rockford, IL market in December year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 2 a year earlier to 5 after the figure moved from 7 in November 2014 to 2 in November 2015.
A total of 49 new homes were sold during the 12 months that ended in December, up from 46 for the year that ended in November.
5 of the 483 total closings were new home closings, a shift on a percentage basis from 2 out of 429 a year earlier. After dropping in November from a year earlier, closings of new and existing homes climbed year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $185,850 last year to $194,669. This came after a more than twofold lift in November year-over-year.
Average mortgage size on new homes fell from $161,424 to $155,410. Average mortgage size on new homes went from $120,039 in November 2014 to $222,325 in November 2015.
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 fell in December from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 40.0% of closings, below 49.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 18.6% in December from 23.0% a year earlier while REO closings as a percentage of existing home closings sank to 21.3% from 26.7% a year earlier.