New home closings rose year-over-year in May in the Rockford, IL market, rebounding from a year-over-year decline in April 2016. New home closings moved from 5 a year earlier to 7 after the figure moved from 10 in April 2015 to 3 in April 2016.
A total of 49 new homes were sold during the 12 months that ended in May, up from 47 for the year that ended in April.
7 of the 535 total closings were new home closings, a shift on a percentage basis from 5 out of 487 a year earlier. Closings of new and existing homes climbed year-over-year in May following a drop in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $218,269 from $180,331 a year ago. This followed a 6.7% bump in April year-over-year.
Average mortgage size on new homes fell from $186,746 to $179,804. Average mortgage size on new homes went from $165,148 in April 2015 to $183,222 in April 2016.
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 decreased in May from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 27.5% of existing home closings, down from 35.5% a year earlier. The percentage of existing home closings involving foreclosures went from 12.2% in May 2015 to 12.5% in May 2016 and REO closings as a percentage of existing home closings sank to 15.0% from 23.2% a year earlier.