In the Eau Claire, WI market, new home closings declined year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to 1 after the figure moved from 8 in July 2014 to 4 in July 2015.
A total of 34 new homes were sold during the 12 months that ended in August, down from 37 for the year that ended in July.
Last year, 4 of 252 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 267 total closings. Following a year-over-year increase in July, closings of new and existing homes also increased year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $202,900 from last year's $194,975. This was on the heels of a 28.7% surge in July year-over-year.
Average mortgage size on new homes rose from $167,410 to $179,000. Average mortgage size on new homes went from $190,410 in July 2014 to $265,675 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 8.3% of existing home closings, higher than 7.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.9% in August from 3.2% a year earlier while REO closings as a percentage of existing home closings jumped to 6.4% from 4.4%.