In the Green Bay, WI market in June, closings of new homes declined year-over-year, dropping after a year-over-year increase in May 2015. New home closings moved from 36 a year earlier to 35 after the figure moved from 14 in May 2014 to 18 in May 2015.
A total of 219 new homes were sold during the 12 months that ended in June, down from 220 for the year that ended in May.
As a percentage of overall housing closings, new home closings accounted for 5.8% of overall housing closings. As a part of the whole, new home closings were 5.5% a year earlier. Closings of new and existing homes slid year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
In June, the average price of newly sold homes jumped 22.3% year-over-year to $252,534 per unit. This gain is higher than the 5.8% lift in May year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $239,380 in June, marking a 25.3% boost compared with a year earlier. Average mortgage size on new homes went from $175,134 in May 2014 to $159,998 in May 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes rose from 80.6% in June 2014 to 88.6% of closings in June 2015. At the same time, the share of new home closings belonging to attached units slid to 11.4% of closings from 19.4% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.1% of existing closings, lower than 18.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.9% in June from 7.3% a year earlier while REO closings as a percentage of existing home closings fell to 7.2% from 11.0% a year earlier.