In May, there was an increase in closings of new homes in the Green Bay, WI market year-over-year, but as the percentage climbed less than April 2016, the market seemed to show signs of leveling. New home closings saw a hike of 38.9% from the year earlier to 25. This was after the housing market saw a 61.1% hike year-over-year in April.
A total of 275 new homes were sold during the 12 months that ended in May, up from 268 for the year that ended in April.
Of the total number of closings, new home closings made up 3.8%. A year earlier, new home closings accounted for 3.0% of total closings. Closings of new and existing homes grew year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
In May, the average value of new homes saw a 56.0% rise year-over-year as it grew to $297,742 per unit. This lift compares to a 4.8% drop in April from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. It grew 57.4% in May from a year earlier to $251,889. Average mortgage size rose 7.8% in April 2016 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings gained from 66.7% of new closings in May 2015 to 80.0% of closings in May 2016. Meanwhile, attached units as a percentage of all new home closings sank to 20.0% of closings from 33.3% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.7% of existing home closings, below 12.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.9% in May from 6.2% a year earlier and REO closings moved from 6.6% of existing home closings in May 2015 to 5.8% in May 2016.