New home closings in the Wausau, WI market remained steady year-over-year in August, staying level after a year-over-year increase in July from a year earlier. Closings remained level at 4 from a year earlier after the figure moved from 2 in July 2014 to 5 in July 2015.
A total of 55 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
New home closings were 4 out of the 256 total closings, a move on a percentage basis from 4 of 199 a year earlier. For new and existing homes, closings increased year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $211,500, an increase from $195,600 a year earlier. This came after a 1.6% lift in July year-over-year.
Average mortgage size on new homes increased to $175,252 from $141,500 last year. Average mortgage size on new homes went from $161,100 in July 2014 to $174,973 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 30.2% of existing home closings, higher than 21.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 21.0% in August from 10.3% a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 11.3% a year earlier.