In February, closings of new homes in the Wausau, WI market rose year-over-year, but the increase was less than January 2016. New home closings moved from 2 a year earlier to 3 after the figure moved from 4 in January 2015 to 7 in January 2016.
A total of 63 new homes were sold during the 12 months that ended in February, up from 62 for the year that ended in January.
3 of the 123 total closings were new home closings, a shift on a percentage basis from 2 out of 106 a year earlier. Closings of new and existing homes gained year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $200,300 from $161,700 a year ago. This came after a 24.2% bump in January year-over-year.
There was no change in the average mortgage size on newly sold homes from a year earlier, as it stayed level at $155,973. Average mortgage size on new homes went from $190,498 in January 2015 to $147,766 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 29.2% of existing home closings, below 32.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.7% in February from 17.3% a year earlier while REO closings as a percentage of existing home closings grew to 17.5% from 15.4%.