New home closings in the Appleton, WI market sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 27 a year earlier to 23 after the figure moved from 16 in March 2015 to 12 in March 2016.
A total of 207 new homes were sold during the 12 months that ended in April, down from 211 for the year that ended in March.
New home closings represented 6.2% of overall housing closings. They represented 7.2% of closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in April to $268,813 per unit, a rise of 13.6%. This rise is better than the 7.3% hike in March year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In April 2016, the average mortgage size was $237,591, a 18.4% gain from a year earlier. Average mortgage size on new homes went from $210,791 in March 2015 to $229,889 in 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 jumped from 92.6% of new closings in April 2015 to 95.7% of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings declined to 4.3% of closings from 7.4% of closings.
For all new homes sold, the average unit size grew 83.1% year-over-year to 2,313 square feet in April 2016.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 12.4% of existing home closings, above 10.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at 4.0% of closings in April from a year earlier while REO closings as a percentage of existing home closings increased to 8.4% from 6.6%.