In December, closings of new homes in the Wausau, WI market jumped year-over-year, but the increase was less than November 2015. New home closings moved from 7 a year earlier to 8 after the figure moved from 3 in November 2014 to 4 in November 2015.
A total of 58 new homes were sold during the 12 months that ended in December, up from 57 for the year that ended in November.
New home closings were 8 out of the 167 total closings, a move on a percentage basis from 7 of 133 a year earlier. For new and existing homes, closings climbed year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $240,838, moving from $242,614 last year. This followed a 39.2% fall in November from a year earlier.
Average mortgage size on new homes moved from $210,180 to $209,262. Average mortgage size on new homes went from $217,400 in November 2014 to $193,073 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 40.3% of existing home closings, up from 26.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.3% in December from 11.1% a year earlier while REO closings as a percentage of existing home closings gained to 34.0% from 15.1%.