In the Janesville, WI market in December, new home closings declined year-over-year, falling after remaining level in November from the year earlier. Closings stood at 4 in December after being 8 a year earlier and remaining unchanged at 4 in November from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 4.7% a year earlier. For new and existing homes, closings climbed year-over-year in December after also increasing in November year-over-year.
The average new home value went from $176,788 last year to $201,950. This followed a 18.2% hike in November year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 14.2% of existing closings, lower than 23.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.2% in December from 12.3% a year earlier while REO closings as a percentage of existing home closings sank to 8.0% from 11.0% a year earlier.