In January, there was an increase in closings of new homes in the Wausau, WI market year-over-year, and the increase was greater than December 2015. New home closings moved from 4 a year earlier to 7 after the figure moved from 7 in December 2014 to 8 in December 2015.
A total of 62 new homes were sold during the 12 months that ended in January, up from 59 for the year that ended in December.
New home closings were 7 of the 129 total closings, up on a percentage basis from 4 of 109 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also climbed year-over-year in January.
Pricing and Mortgage Trends
The average new home value went from $135,200 last year to $167,957. This was on the heels of a move from $242,614 per unit in December 2014 to $240,838 in December 2015.
The average mortgage size went down to $147,766 from $190,498 a year earlier. It went from $210,180 to $209,262 from December 2014 to December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 18.9% of existing home closings, below 40.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.9% in January from 12.4% a year earlier while REO closings as a percentage of existing home closings dropped to 13.9% from 27.6% a year earlier.