The Rockford, IL market saw a drop in new home closings year-over-year in June, sliding after a growth in May 2015. New home closings moved from 12 a year earlier to 1 after the figure moved from 2 in May 2014 to 4 in May 2015.
A total of 60 new homes were sold during the 12 months that ended in June, down from 71 for the year that ended in May.
New home closings represented 1 out of the 540 total closings, which is a smaller percentage than the 12 of 591 total closings a year earlier. For new and existing homes, closings declined in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $346,500 from $133,718 a year ago. This was on the heels of a 6.6% drop in May from a year earlier.
The average mortgage size on new homes was $329,175, up from $116,469. Average mortgage size on new homes went from $259,000 in May 2014 to $195,417 in May 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.
The average unit size of newly sold homes rose from 1,494 square feet a year earlier to 3,663 square feet.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 28.0% of existing home closings, down from 43.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.5% in June from 13.5% a year earlier while REO closings as a percentage of existing home closings sank to 19.5% from 29.5% a year earlier.