In the Rockford, IL market, closings of new homes jumped year-over-year in February,. Closings stood at 2 in February after being 1 a year earlier and remaining unchanged at 4 in January from a year earlier.
A total of 51 new homes were sold during the 12 months that ended in February, up from 50 for the year that ended in January.
2 of the 365 total closings were new home closings, a shift on a percentage basis from 1 out of 416 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $189,375, an increase from $149,100 a year earlier. This came after a 58.3% gain in January year-over-year.
Average mortgage size on new homes increased to $167,625 from $149,100 last year. Average mortgage size on new homes went from $70,860 in January 2015 to $179,014 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 53.4% of existing home closings, below 54.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 20.9% in February from 25.8% a year earlier while REO closings as a percentage of existing home closings jumped to 32.5% from 28.2%.