In the Sheboygan, WI market, new home closings declined year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 2 a year earlier to 1 after the figure moved from 1 in November 2014 to none in November 2015.
New home closings were 1 out of the 121 total closings, a move on a percentage basis from 2 of 116 a year earlier. Following a drop in November year-over-year, closings of new and existing homes jumped year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $239,900, down from $363,350 a year earlier. This came after a.
Average mortgage size on newly sold homes saw a decline year-over-year from $290,663 to $175,000.
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 decline from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 20.8% of existing home closings, below 23.7% a year earlier. The percentage of existing home closings involving foreclosures went from 9.6% in December 2014 to 9.2% in December 2015 and REO closings as a percentage of existing home closings fell to 11.7% from 14.0% a year earlier.