Rockford, IL - Latest New Home Sales Numbers Suggest Market Rise Slowing.
Posted on: May 07, 2012 09:40:34 AM
In January, sales of new homes in the Rockford, IL market gained year-over-year, but the increase was less than December 2011. New home sales moved from seven a year earlier to 10 after the figure moved from 13 in December 2010 to 19 in December 2011.
A total of 141 new homes were sold during the 12 months that ended in January, up from 138 for the year that ended in December.
New home sales were 10 of the 266 total sales, up on a percentage basis from seven of 276 a year earlier. Following a year-over-year rise in December, sales of new and existing homes declined year-over-year in January.
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Pricing and Mortgage Trends
The average price of new homes was $146,315 per unit in January 2012, which is down from $173,429 a year ago. This followed a 23.3% bump in December year-over-year.
The average mortgage size went down to $144,027 from $152,291 a year earlier. Average mortgage size on new homes went from $131,299 in December 2010 to $123,237 in December 2011. Of the overall sale price, the percentage that was being financed jumped 10.6 percentage points year-over-year to 98.4% in January 2012. This came after a 22.0 percentage point drop in December from a year earlier.
Rockford, IL - Latest New Home Sales Numbers Suggest Market Rise Slowing.
Posted on: May 07, 2012 09:40:34 AM
In January, sales of new homes in the Rockford, IL market gained year-over-year, but the increase was less than December 2011. New home sales moved from seven a year earlier to 10 after the figure moved from 13 in December 2010 to 19 in December 2011.
A total of 141 new homes were sold during the 12 months that ended in January, up from 138 for the year that ended in December.
New home sales were 10 of the 266 total sales, up on a percentage basis from seven of 276 a year earlier. Following a year-over-year rise in December, sales of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $146,315 per unit in January 2012, which is down from $173,429 a year ago. This followed a 23.3% bump in December year-over-year.
The average mortgage size went down to $144,027 from $152,291 a year earlier. Average mortgage size on new homes went from $131,299 in December 2010 to $123,237 in December 2011. Of the overall sale price, the percentage that was being financed jumped 10.6 percentage points year-over-year to 98.4% in January 2012. This came after a 22.0 percentage point drop in December from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up nine of 10 new home sales after accounting for six of seven a year earlier. Meanwhile, attached units made up one of 10 new home sales after making up one of seven sales a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales represented 68.8% of existing home sales. They accounted for 62.5% in January 2011. The percentage of existing home sales involving foreclosures slipped to 31.2% in January from 36.8% a year earlier while REO sales as a percentage of existing home sales climbed to 37.5% from 25.7%.
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Source: Housing Intelligence