In October, there was an increase in closings of new homes in the Green Bay, WI market year-over-year, swinging up after a decline in September 2015. New home closings saw a rise of 9.5% from the year earlier to 23. This was after the housing market saw a 12.0% decline year-over-year in September.
A total of 240 new homes were sold during the 12 months that ended in October, up from 238 for the year that ended in September.
Out of all housing closings, new home closings represented 4.5%. They made up 4.0% of closings a year earlier. After rising year-over-year in September, closings of new and existing homes dropped year-over-year in October.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 27.4% year-over-year in October to $254,104 per unit. This lift is an improvement over the 15.6% hike in September year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In October 2015, there was a 15.4% surge in the average mortgage size, reaching $198,094. In September 2015, average mortgage size increased 6.1% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings gained from 76.2% of new closings in October 2014 to 87.0% of closings in October 2015. Conversely, the share of new home closings belonging to attached units declined to 13.0% of closings from 23.8% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.2% of closings, below 17.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.1% in October from 8.4% a year earlier while REO closings as a percentage of existing home closings sank to 7.1% from 9.2% a year earlier.