In August, the Eau Claire, WI market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to 1 after the figure moved from 8 in July 2014 to 4 in July 2015.
A total of 34 new homes were sold during the 12 months that ended in August, down from 37 for the year that ended in July.
New home closings represented 1 out of the 267 total closings, which is a smaller percentage than the 4 of 252 total closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes also gained year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $194,975 last year to $202,900. This was on the heels of a 28.7% lift in July year-over-year.
Average mortgage size on new homes rose from $167,410 to $179,000. Average mortgage size on new homes went from $190,410 in July 2014 to $265,675 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 8.3% of existing home closings, up from 7.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.9% in August from 3.2% a year earlier while REO closings as a percentage of existing home closings increased to 6.4% from 4.4%.