In July, closings of new homes in the Oshkosh, WI market increased year-over-year, rebounding from a year-over-year decline in June 2015. New home closings moved from 7 a year earlier to 10 after the figure moved from 12 in June 2014 to 9 in June 2015.
A total of 76 new homes were sold during the 12 months that ended in July, up from 73 for the year that ended in June.
10 of the 304 total closings were new home closings, a shift on a percentage basis from 7 out of 253 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $209,960, up from $192,829 a year earlier. This came after a 21.6% drop in June from a year earlier.
Average mortgage size on new homes increased to $174,977 from $148,267 last year. Average mortgage size on new homes went from $215,485 in June 2014 to $176,880 in June 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.
The average unit size of newly sold homes rose from 1,382 square feet a year earlier to 1,864 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 13.9% of existing home closings, down from 16.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.1% in July from 6.1% a year earlier while REO closings as a percentage of existing home closings sank to 6.8% from 10.2% a year earlier.