New home closings climbed year-over-year in May in the Janesville, WI market, but the increase was less than April 2016. New home closings moved from 5 a year earlier to 9 after the figure moved from 3 in April 2015 to 11 in April 2016.
A total of 70 new homes were sold during the 12 months that ended in May, up from 66 for the year that ended in April.
New home closings were 9 out of the 387 total closings, a move on a percentage basis from 5 of 287 a year earlier. Closings of new and existing homes jumped year-over-year in May after also rising in April year-over-year.
The average price of new homes rose to $194,833 from last year's $183,400. This followed a 22.0% surge in April year-over-year.
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 increased in May from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 14.6% of existing home closings, above 12.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.2% in May from 7.1% a year earlier while REO closings as a percentage of existing home closings gained to 11.4% from 5.7%.