In December, closings of new homes in the Eau Claire, WI market rose year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 4 in November 2014 to 3 in November 2015.
A total of 58 new homes were sold during the 12 months that ended in December, up from 57 for the year that ended in November.
New home closings were 7 out of the 260 total closings, a move on a percentage basis from 6 of 202 a year earlier. For new and existing homes, closings grew year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $240,117 last year to $254,357. This was on the heels of a 3.2% boost in November year-over-year.
Average mortgage size on new homes fell from $234,911 to $202,962. Average mortgage size on new homes went from $227,049 in November 2014 to $147,333 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 6.7% of existing closings, lower than 12.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.8% in December from 8.2% a year earlier and REO closings moved from 4.6% of existing home closings in December 2014 to 4.0% in December 2015.