Closings of new homes sank year-over-year in September in the Oshkosh, WI market, and the decline was by a larger percentage than the August 2015. New home closings moved from 13 a year earlier to 7 after the figure moved from 8 in August 2014 to 7 in August 2015.
A total of 71 new homes were sold during the 12 months that ended in September, down from 77 for the year that ended in August.
Last year, 13 of 251 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 277 total closings. Following a fall in August year-over-year, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
The average price for new homes in September 2015 was $198,800, a shift from $200,654 last year. This followed a 5.6% boost in August year-over-year.
The average mortgage size went down to $122,556 from $157,947 a year earlier. Average mortgage size on new homes went from $176,385 in August 2014 to $165,094 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,608 square feet a year earlier to 930 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.0% of existing home closings, higher than 11.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in September from 4.6% a year earlier while REO closings as a percentage of existing home closings jumped to 8.9% from 7.1%.