Closings of new homes in the Rockford, IL market remained steady year-over-year in January, staying level after a year-over-year increase in December from a year earlier. Closings remained level at 4 from a year earlier after the figure moved from 2 in December 2014 to 5 in December 2015.
A total of 49 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
4 of the 321 total closings were new home closings, a shift on a percentage basis from 4 out of 383 a year earlier. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average new home value went from $115,070 last year to $182,114. This was on the heels of a 4.7% boost in December year-over-year.
From the year-ago figure of $70,860, the average mortgage size on new homes moved up to $179,014. Average mortgage size on new homes went from $161,424 in December 2014 to $155,410 in December 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 January from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 47.6% of closings, below 60.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 28.4% in January from 31.9% a year earlier while REO closings as a percentage of existing home closings sank to 19.2% from 28.8% a year earlier.