The Oshkosh, WI market saw a drop in new home closings year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 11 a year earlier to 5 after the figure moved from 10 in May 2015 to 6 in May 2016.
A total of 107 new homes were sold during the 12 months that ended in June, down from 113 for the year that ended in May.
New home closings were 3.0% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 5 of the 301 total closings. After rising year-over-year in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $222,160 from $200,300 a year ago. This followed a 9.6% rise in May year-over-year.
The average mortgage size moved to $166,990, down from last year's $180,945. Average mortgage size on new homes went from $183,304 in May 2015 to $155,684 in May 2016.
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.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 13.2% of existing home closings, higher than 10.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in June 2015 to 4.4% in June 2016 and REO closings as a percentage of existing home closings jumped to 8.8% from 5.6%.