The Appleton, WI market saw a rise in new home closings in November year-over-year,. Closings stood at 13 in November after being 12 a year earlier and remaining unchanged at 20 in October from a year earlier.
A total of 178 new homes were sold during the 12 months that ended in November, up from 177 for the year that ended in October.
13 of the 256 total closings were new home closings, a shift on a percentage basis from 12 out of 277 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $269,608 from $220,242 a year ago. This came after a 4.7% boost in October year-over-year.
The average mortgage size on new homes was $237,442, up from $201,960. In October 2015, average mortgage size grew 1.1% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 14.4% of existing home closings, down from 21.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.8% in November from 6.8% a year earlier while REO closings as a percentage of existing home closings slid to 8.6% from 15.1% a year earlier.