The Oshkosh, WI market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 11 a year earlier to 10 after the figure moved from 11 in June 2015 to 5 in June 2016.
A total of 106 new homes were sold during the 12 months that ended in July, down from 107 for the year that ended in June.
New home closings were 10 out of the 313 total closings, a move on a percentage basis from 11 of 310 a year earlier. After falling in June from a year earlier, closings of new and existing homes stayed steady in July.
Pricing and Mortgage Trends
The average new home value went from $215,255 last year to $234,560. This came after a 10.9% lift in June year-over-year.
From the year-ago figure of $175,079, the average mortgage size on new homes moved up to $190,226. Average mortgage size on new homes went from $180,945 in June 2015 to $166,990 in June 2016.
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 fall from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 8.6% of existing home closings, down from 14.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.3% in July from 7.0% a year earlier while REO closings as a percentage of existing home closings slid to 5.3% from 7.4% a year earlier.