In the Rockford, IL market, closings of new homes dropped year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 7 a year earlier to 2 after the figure moved from 9 in October 2014 to 6 in October 2015.
A total of 46 new homes were sold during the 12 months that ended in November, down from 51 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 0.5% from 1.5% a year earlier. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $341,500 from $143,486 a year ago. This came after a 1.8% hike in October year-over-year.
From the year-ago figure of $120,039, the average mortgage size on new homes moved up to $222,325. Average mortgage size on new homes went from $168,489 in October 2014 to $123,454 in October 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 November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 38.3% of existing home closings, below 45.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 21.7% in November from 20.0% a year earlier while REO closings as a percentage of existing home closings sank to 16.7% from 25.8% a year earlier.