There was a rise in closings of new homes in the Appleton, WI market in May year-over-year, an upward turn from a decline in April 2016. Closings rose 10.5% from a year earlier to 21. This followed a 7.4% drop year-over-year in April.
A total of 211 new homes were sold during the 12 months that ended in May, up from 209 for the year that ended in April.
Of the total number of closings, new home closings made up 5.3%. A year ago, 4.7% of total closings were new home closings. Following a year-over-year increase in April, closings of new and existing homes slid year-over-year in May.
Pricing and Mortgage Trends
In May, there was a 13.1% boost year-over-year in the average price of newly sold homes, reaching $278,617 per unit. This lift is higher than the 11.6% bump in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $235,119 in May, marking a 10.8% rise compared with a year earlier. In April 2016, average mortgage size gained 17.7% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have dipped. Attached unit closings increased from no part of all closings in May 2015 to 4.8% of closings in May 2016. Meanwhile, single-family home closings as a percentage of all new home closings fell to 95.2% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 7.5% of existing home closings, down from 9.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.0% in May from 5.7% a year earlier and REO closings moved from 4.2% of existing home closings in May 2015 to 4.6% in May 2016.