The Wausau, WI market saw a rise in new home closings in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 3 a year earlier to 4 after the figure moved from 7 in October 2014 to 6 in October 2015.
A total of 57 new homes were sold during the 12 months that ended in November, up from 56 for the year that ended in October.
New home closings were 4 out of the 144 total closings, a move on a percentage basis from 3 of 134 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also gained year-over-year in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $170,975, down from last year's $281,133. This came after a 27.8% fall in October from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $217,400 to $193,073. Average mortgage size on new homes went from $190,939 in October 2014 to $142,471 in October 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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.6% of existing home closings, below 19.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.4% in November from 9.2% a year earlier while REO closings as a percentage of existing home closings rose to 12.1% from 9.9%.