There was a rise in closings of new homes in the Appleton, WI market in January year-over-year, but the increase was less than December 2015. New home closings moved from 8 a year earlier to 11 after the figure moved from 8 in December 2014 to 14 in December 2015.
A total of 217 new homes were sold during the 12 months that ended in January, up from 214 for the year that ended in December.
New home closings were 11 out of the 225 total closings, a move on a percentage basis from 8 of 195 a year earlier. For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $214,155, down from last year's $234,638. This was on the heels of a 15.9% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $193,888 to $169,495. Average mortgage size on new homes went from $218,877 in December 2014 to $177,048 in December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,804 square feet a year earlier to 1,779 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 16.8% of existing home closings, down from 27.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.0% in January from 11.2% a year earlier while REO closings as a percentage of existing home closings dropped to 9.8% from 16.0% a year earlier.