Prices of New Homes Increase in Rockford, Sales Drop According to Newest Data
Posted on: Feb 12, 2014 07:18:52 AM
Closings of new homes in the Rockford, IL market dropped year-over-year in October, falling after a rise in September 2013. New home closings moved from 11 a year earlier to 1 after the figure moved from 4 in September 2012 to 6 in September 2013.
A total of 62 new homes were sold during the 12 months that ended in October, down from 72 for the year that ended in September.
Last year, 11 of 760 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 503 total closings. After rising year-over-year in September, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes rose to $259,900 from last year's $167,733. This came after a 5.8% gain in September year-over-year.
The average mortgage size on new homes was $255,189, up from $138,153. Average mortgage size on new homes went from $153,362 in September 2012 to $130,153 in September 2013.