Closings of new homes in the Appleton, WI market increased year-over-year in July, rebounding from a year-over-year decline in June 2015. New home closings moved from 19 a year earlier to 22 after the figure moved from 14 in June 2014 to 11 in June 2015.
A total of 178 new homes were sold during the 12 months that ended in July, up from 175 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 5.3% of closings, relatively stable from a year earlier. For new and existing homes, closings climbed year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $247,376 per unit in July, up 6.5%from a year earlier. This surge is smaller than the 26.3% bump in June year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. It rose 8.0% in July from a year earlier to $202,077. Average mortgage size on new homes went from $167,038 in June 2014 to $216,137 in June 2015.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes increased from 78.9% in July 2014 to 90.9% of closings in July 2015. Conversely, the share of new home closings belonging to attached units dropped to 9.1% of closings from 21.1% of closings.
There was a 17.7% drop year-over-year in the average unit size of newly sold homes to 1,747 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 7.8% of existing home closings, below 17.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.3% in July from 9.5% a year earlier while REO closings as a percentage of existing home closings dropped to 4.6% from 7.8% a year earlier.