In the Green Bay, WI market in December, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 19 a year earlier to 13 after the figure moved from 20 in November 2014 to 19 in November 2015.
A total of 233 new homes were sold during the 12 months that ended in December, down from 239 for the year that ended in November.
Last year, 19 of 416 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 433 total closings. Closings of new and existing homes increased year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $259,254, up from $228,563 a year earlier. This followed a 20.7% surge in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $198,613 to $190,794. In November 2015, average mortgage size on newly sold homes saw a 49.1% lift year-over-year from a year earlier.
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 continued to decline from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 11.7% of existing closings, lower than 18.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.2% in December from 6.8% a year earlier while REO closings as a percentage of existing home closings declined to 6.4% from 12.1% a year earlier.