In March, the Green Bay, WI market saw a decline year-over-year in new home closings, sliding after a growth in February 2016. New home closings moved from 22 a year earlier to 18 after the figure moved from 7 in February 2015 to 13 in February 2016.
A total of 245 new homes were sold during the 12 months that ended in March, down from 249 for the year that ended in February.
Of the total number of closings, new home closings made up 4.3%. A year ago, 5.0% of total closings were new home closings. Following a year-over-year rise in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 19.1% in March to $284,889 per unit. This gain is smaller than the 35.9% boost in February year-over-year.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. In March 2016, average mortgage size grew 2.7% from a year earlier to $230,685. Average mortgage size on new homes went from $158,669 in February 2015 to $178,730 in February 2016.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings climbed from no part of all closings in March 2015 to 11.1% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings slid to 88.9% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.3% of existing closings, lower than 18.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.0% in March from 7.4% a year earlier and REO closings moved from 10.9% of existing home closings in March 2015 to 10.3% in March 2016.