Closings of new homes in the Oshkosh, WI market remained unchanged year-over-year in February, staying flat after advancing year-over-year in January from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 3 in January 2015 to 10 in January 2016.

A total of 83 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.

3 of the 158 total closings were new home closings, a shift on a percentage basis from 3 out of 138 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also climbed year-over-year in February.

Pricing and Mortgage Trends

The average new home price was $359,567, up from $266,133 a year earlier. This followed a 23.1% gain in January year-over-year.

From the year-ago figure of $214,305, the average mortgage size on new homes moved up to $286,779. Average mortgage size on new homes went from $159,640 in January 2015 to $192,099 in January 2016.

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 fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 21.3% of existing home closings, down from 30.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.7% in February from 12.6% a year earlier while REO closings as a percentage of existing home closings dropped to 13.5% from 17.8% a year earlier.

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