New Home Prices Gain in Rockford According to Freshest Figures, Sales Decrease
Posted on: May 06, 2013 07:31:25 AM
The Rockford, IL market saw a drop in new home closings year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from eight a year earlier to five after the figure moved from 17 in December 2011 to three in December 2012.
A total of 73 new homes were sold during the 12 months that ended in January, down from 76 for the year that ended in December.
New home closings were five out of the 318 total closings, a move on a percentage basis from eight of 376 a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $164,235 from $154,206 a year ago. This came after a 49.6% surge in December year-over-year.
The average mortgage size went down to $125,779 from $145,908 a year earlier. Average mortgage size on new homes went from $125,557 in December 2011 to $266,258 in December 2012. The overall percentage of sale price that was being financed fell 18.0 percentage points year-over-year to 76.6% in January 2013. This was a swing downward after a 28.7 percentage point hike in December from a year earlier.
New Home Prices Gain in Rockford According to Freshest Figures, Sales Decrease
Posted on: May 06, 2013 07:31:25 AM
The Rockford, IL market saw a drop in new home closings year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from eight a year earlier to five after the figure moved from 17 in December 2011 to three in December 2012.
A total of 73 new homes were sold during the 12 months that ended in January, down from 76 for the year that ended in December.
New home closings were five out of the 318 total closings, a move on a percentage basis from eight of 376 a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $164,235 from $154,206 a year ago. This came after a 49.6% surge in December year-over-year.
The average mortgage size went down to $125,779 from $145,908 a year earlier. Average mortgage size on new homes went from $125,557 in December 2011 to $266,258 in December 2012. The overall percentage of sale price that was being financed fell 18.0 percentage points year-over-year to 76.6% in January 2013. This was a swing downward after a 28.7 percentage point hike in December from a year earlier.
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. Single-family home closings made up all of new home closings after accounting for seven of eight last year. Meanwhile, attached units made up no part of new home closings after making up one of eight closings a year earlier.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 63.6% of existing home closings, below 77.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 20.8% in January from 50.5% a year earlier while REO closings as a percentage of existing home closings grew to 42.8% from 27.2%.
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Source: Housing Intelligence