In the Janesville, WI market, closings of new homes gained year-over-year in October, rebounding from a year-over-year decline in September 2015. New home closings moved from 3 a year earlier to 6 after the figure moved from 6 in September 2014 to 5 in September 2015.
New home closings were 6 of the 252 total closings, up on a percentage basis from 3 of 272 a year earlier. Following a year-over-year rise in September, closings of new and existing homes declined year-over-year in October.
The average value of newly sold homes in October 2015 was $162,133, down from last year's $329,933. This was on the heels of a 7.6% decline in September 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 October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 11.0% of existing closings, lower than 20.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.7% in October from 11.5% a year earlier while REO closings as a percentage of existing home closings sank to 5.3% from 8.6% a year earlier.