In the Oshkosh, WI market in August, new home closings dropped year-over-year, a decline following a rise in July 2015. New home closings moved from 8 a year earlier to 7 after the figure moved from 7 in July 2014 to 10 in July 2015.
A total of 76 new homes were sold during the 12 months that ended in August, down from 77 for the year that ended in July.
New home closings were 7 out of the 271 total closings, same on a percentage basis as a year earlier. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $221,614 from last year's $209,938. This was on the heels of a 8.9% gain in July year-over-year.
The average mortgage size went down to $165,094 from $176,385 a year earlier. Average mortgage size on new homes went from $148,267 in July 2014 to $174,977 in July 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 fell from 1,672 square feet a year earlier to 1,003 square feet.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.5% of existing home closings, higher than 13.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.1% in August from 6.4% a year earlier and REO closings moved from 7.4% of existing home closings in August 2014 to 6.4% in August 2015.