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.