New home closings in the Rockford, IL market dropped year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 6 after the figure moved from 6 in July 2014 to 1 in July 2015.
A total of 55 new homes were sold during the 12 months that ended in August, down from 56 for the year that ended in July.
6 of the 570 total closings were new home closings, a shift on a percentage basis from 7 out of 593 a year earlier. Following a year-over-year rise in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $199,985, down from last year's $242,097. This was on the heels of a 7.4% fall in July from a year earlier.
The average mortgage size went down to $156,220 from $190,021 a year earlier. Average mortgage size on new homes went from $164,501 in July 2014 to $157,130 in July 2015.
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.
The average unit size of newly sold homes rose from 1,884 square feet a year earlier to 1,918 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 37.9% of existing home closings, below 38.9% a year earlier. The percentage of existing home closings involving foreclosures went from 16.9% in August 2014 to 17.4% in August 2015 and REO closings as a percentage of existing home closings declined to 20.6% from 22.0% a year earlier.