Closings of new homes in the Janesville, WI market remained unchanged year-over-year in November, staying flat after advancing year-over-year in October from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 3 in October 2014 to 6 in October 2015.
New home closings were 4 out of the 206 total closings, a move on a percentage basis from 4 of 192 a year earlier. After dropping in October from a year earlier, closings of new and existing homes increased year-over-year in November.
The average new home price was $182,400, up from $154,300 a year earlier. This followed a 50.9% drop in October from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 18.8% of existing home closings, higher than 18.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.4% in November from 10.1% a year earlier while REO closings as a percentage of existing home closings rose to 11.4% from 8.0%.