New Home Closings in Janesville Climb, Prices Decrease According to Freshest Figures
Posted on: Aug 08, 2014 11:28:31 AM
There was a rise in new home closings in the Janesville, WI market in April year-over-year, and the increase was greater than March 2014. New home closings moved from 4 a year earlier to 6 after the figure moved from 3 in March 2013 to 4 in March 2014.
New home closings were 6 out of 159 total closings, making up 3.8%. This is up on a percentage basis from 4 of 248 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
The average value of newly sold homes in April 2014 was $142,550, down from last year's $154,300. This was on the heels of a 3.4% rise in March year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 22.2% of existing home closings, below 35.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.8% in April from 18.4% a year earlier while REO closings as a percentage of existing home closings declined to 10.5% from 16.8% a year earlier.