The Rockford, IL market saw a rise in new home closings in March year-over-year, and the increase was similar to February 2016. New home closings moved from 3 a year earlier to 6 after the figure moved from 1 in February 2015 to 2 in February 2016.
A total of 54 new homes were sold during the 12 months that ended in March, up from 51 for the year that ended in February.
6 of the 527 total closings were new home closings, a shift on a percentage basis from 3 out of 458 a year earlier. After dropping in February from a year earlier, closings of new and existing homes grew year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $178,296, down from $236,037 a year earlier. This was on the heels of a 27.0% rise in February year-over-year.
The average mortgage size went down to $175,458 from $211,571 a year earlier. Average mortgage size on new homes went from $149,100 in February 2015 to $167,625 in February 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 declined in March from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 45.7% of existing home closings, down from 48.4% a year earlier. The percentage of existing home closings involving foreclosures went from 20.0% in March 2015 to 20.2% in March 2016 and REO closings as a percentage of existing home closings declined to 25.5% from 28.4% a year earlier.