In April, there was a fall year-over-year in new home closings in the Sheboygan, WI market, but the decline was less than the year-over-year decline in March. New home closings moved from 2 a year earlier to 1 after the figure moved from 1 in March 2015 to none in March 2016.
New home closings were 1 out of the 173 total closings, a move on a percentage basis from 2 of 169 a year earlier. After dropping in March from a year earlier, closings of new and existing homes grew year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $634,900 from $269,700 a year ago. This came after a.
From the year-ago figure of $236,948, the average mortgage size on new homes moved up to $417,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 22.1% of existing home closings, up from 19.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.7% in April from 6.0% a year earlier and REO closings moved from 13.2% of existing home closings in April 2015 to 13.4% in April 2016.