New home closings climbed year-over-year in April in the Milwaukee, WI market, swinging up after a fall in March 2016. New home closings saw a boost of 5.1% from the year earlier to 41. In comparison, new home closings in the same month last year saw a 31.8% drop year-over-year in March.
A total of 466 new homes were sold during the 12 months that ended in April, up from 464 for the year that ended in March.
As a percentage of total closings, new home closings accounted for 1.9%, unchanged from a year ago. Following a drop in March year-over-year, closings of new and existing homes climbed year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes dropped 17.5% year-over-year to $281,662 per unit. This fall follows a move from $348,466 per unit to $349,802 from March 2015 to March 2016.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. It slid to $257,265 in April, a 12.8% drop. It went from $314,146 to $313,233 from March 2015 to March 2016.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 64.1% of new closings in April 2015 to 75.6% of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings sank to 24.4% of closings from 35.9% of closings.
There was a 14.9% drop year-over-year in the average unit size of newly sold homes to 1,964 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 19.3% of existing closings, lower than 24.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.0% in April from 9.6% a year earlier while REO closings as a percentage of existing home closings dropped to 12.2% from 14.9% a year earlier.