Closings of new homes in the Eau Claire, WI market dropped year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 7 a year earlier to 3 after the figure moved from 8 in May 2015 to 3 in May 2016.
3 of the 323 total closings were new home closings, a shift on a percentage basis from 7 out of 365 a year earlier. Closings of new and existing homes declined year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $215,767, down from $269,086 a year earlier. This was on the heels of a 5.0% fall in May from a year earlier.
The average mortgage size went down to $160,960 from $236,769 a year earlier. Average mortgage size on new homes went from $205,292 in May 2015 to $221,350 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 6.9% of existing home closings, down from 8.1% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in June 2015 to 3.8% in June 2016 and REO closings moved from 3.9% of existing home closings in June 2015 to 3.1% in June 2016.