In the Eau Claire, WI market, new home closings declined year-over-year in November, dropping after staying level in October. Closings stood at 3 in November after being 4 a year earlier and remaining unchanged at 4 in October from a year earlier.
A total of 57 new homes were sold during the 12 months that ended in November, down from 58 for the year that ended in October.
3 of the 181 total closings were new home closings, a shift on a percentage basis from 4 out of 165 a year earlier. Closings of new and existing homes increased year-over-year in November following a decline in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $236,675 last year to $244,267. This followed a 16.0% fall in October from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $227,049 to $147,333. Average mortgage size on new homes went from $170,750 in October 2014 to $142,846 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 12.4% of closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.2% in November from 9.3% a year earlier while REO closings as a percentage of existing home closings climbed to 6.2% from 4.3%.