Closings of new homes in the Rockford, IL market sank year-over-year in October, and the decline was by a larger percentage than the September 2015. New home closings moved from 9 a year earlier to 6 after the figure moved from 7 in September 2014 to 6 in September 2015.
A total of 51 new homes were sold during the 12 months that ended in October, down from 54 for the year that ended in September.
6 of the 493 total closings were new home closings, a shift on a percentage basis from 9 out of 562 a year earlier. After rising year-over-year in September, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes rose to $179,685 from last year's $176,448. This came after a 8.3% bump in September year-over-year.
Average mortgage size on new homes fell from $168,489 to $123,454. Average mortgage size on new homes went from $204,538 in September 2014 to $171,678 in September 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 decreased in October from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 38.8% of existing home closings, below 40.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.5% in October from 21.0% a year earlier while REO closings as a percentage of existing home closings rose to 21.4% from 19.7%.