The Milwaukee, WI market saw a rise in new home closings in June year-over-year, moving up after a drop in May 2016. New home closings saw a climb of 5.9% from the year earlier to 54. This came on the heels of a 11.6% drop year-over-year in May.
A total of 469 new homes were sold during the 12 months that ended in June, up from 466 for the year that ended in May.
Compared to a year earlier, new home closings as a percentage of total closings stayed the same at 1.7%. Closings of new and existing homes grew year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 4.2% in June to $321,843 per unit. This rise compares to a 4.0% drop in May from a year earlier.
In June 2016, average mortgage size on newly sold homes moved from $272,672 to $271,712 from June 2015. In May 2016, average mortgage size on newly sold homes saw a 15.9% decline from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings grew from 29.4% of all closings in June 2015 to 31.5% of closings in June 2016. Meanwhile, single-family home closings as a percentage of all new home closings slid to 68.5% of closings from 70.6% of closings.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 17.2% of existing home closings, up from 15.4% a year earlier. The percentage of existing home closings involving foreclosures went from 5.9% in June 2015 to 6.5% in June 2016 and REO closings as a percentage of existing home closings rose to 10.7% from 9.5%.