In September, closings of new homes gained year-over-year in the Wausau, WI market,. Closings stood at 6 in September after being 4 a year earlier and remaining unchanged at 4 in August from a year earlier.
A total of 57 new homes were sold during the 12 months that ended in September, up from 55 for the year that ended in August.
New home closings were 6 of the 190 total closings, up on a percentage basis from 4 of 188 a year earlier. Closings of new and existing homes climbed year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home value went from $143,250 last year to $150,333. This was on the heels of a 8.1% bump in August year-over-year.
The average mortgage size on new homes was $160,662, up from $153,725. Average mortgage size on new homes went from $141,500 in August 2014 to $175,252 in August 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 September 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 17.4% of closings, below 38.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.4% in September from 17.9% a year earlier while REO closings as a percentage of existing home closings fell to 12.0% from 20.1% a year earlier.