In the Rockford, IL market, closings of new homes sank year-over-year in April, dropping after a year-over-year increase in March 2016. New home closings moved from 10 a year earlier to 3 after the figure moved from 3 in March 2015 to 6 in March 2016.
A total of 47 new homes were sold during the 12 months that ended in April, down from 54 for the year that ended in March.
New home closings represented 3 out of the 497 total closings, which is a smaller percentage than the 10 of 529 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $188,925 from last year's $177,078. This followed a 24.5% fall in March from a year earlier.
Average mortgage size on new homes went from $165,148 a year earlier to $183,222. Average mortgage size on new homes went from $211,571 in March 2015 to $175,458 in March 2016.
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 fell from 1,522 square feet a year earlier to 1,444 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 34.4% of existing home closings, below 38.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.6% in April from 15.8% a year earlier while REO closings as a percentage of existing home closings dropped to 19.8% from 22.7% a year earlier.