New home closings rose year-over-year in May in the La Crosse, WI market,. Closings stood at 5 in May after being 2 a year earlier and remaining unchanged at 3 in April from a year earlier.
New home closings were 5 out of 241 total closings, making up 2.1%. This is up on a percentage basis from 2 of 225 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also grew year-over-year in May.
The average new home value went from $293,700 last year to $312,700. This came after a move from $262,500 per unit to $260,900 from April 2015 to April 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 May 2016.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 7.6% of existing home closings, up from 6.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.3% in May from 2.7% a year earlier while REO closings as a percentage of existing home closings increased to 6.4% from 3.6%.