In March, closings of new homes gained year-over-year in the Eau Claire, WI market, rebounding from a year-over-year decline in February 2016. New home closings moved from 3 a year earlier to 4 after the figure moved from 3 in February 2015 to none in February 2016.
New home closings were 4 out of the 175 total closings, a move on a percentage basis from 3 of 215 a year earlier. After rising year-over-year in February, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $195,050, compared with $273,400 last year. This came after a.
Average mortgage size on new homes fell from $240,745 to $128,638.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.3% of existing home closings, higher than 9.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.5% in March from 4.7% a year earlier while REO closings as a percentage of existing home closings grew to 8.8% from 5.2%.