New home closings in the Rockford, IL market slid year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 6 a year earlier to 1 after the figure moved from 12 in June 2014 to 1 in June 2015.
A total of 55 new homes were sold during the 12 months that ended in July, down from 60 for the year that ended in June.
1 of the 560 total closings were new home closings, a shift on a percentage basis from 6 out of 536 a year earlier. After dropping in June from a year earlier, closings of new and existing homes increased year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $165,400, down from $178,569 a year earlier. This was on the heels of a more than twofold surge in June year-over-year.
There was a decline in average mortgage size on new homes, going from $164,501 last year to $157,130 in July 2015. Average mortgage size on new homes went from $116,469 in June 2014 to $329,175 in June 2015.
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 fell in July from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 33.3% of existing closings, lower than 39.4% a year earlier. The percentage of existing home closings involving foreclosures went from 13.4% in July 2014 to 13.8% in July 2015 and REO closings as a percentage of existing home closings dropped to 19.5% from 26.0% a year earlier.