New home closings in the Oshkosh, WI market gained year-over-year in November, rebounding from a year-over-year decline in October 2015. New home closings moved from 5 a year earlier to 7 after the figure moved from 9 in October 2014 to 5 in October 2015.
A total of 70 new homes were sold during the 12 months that ended in November, up from 68 for the year that ended in October.
New home closings were 7 out of the 183 total closings, a move on a percentage basis from 5 of 155 a year earlier. Closings of new and existing homes gained year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $236,429 from $145,020 a year ago. This came after a 2.8% hike in October year-over-year.
The average mortgage size on new homes was $174,525, up from $137,615. Average mortgage size on new homes went from $204,719 in October 2014 to $170,138 in October 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 declined in November from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 25.6% of closings, below 28.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.9% in November from 16.7% a year earlier while REO closings as a percentage of existing home closings gained to 13.6% from 11.3%.