In the Green Bay, WI market, closings of new homes gained year-over-year in July, swinging upward year-over-year after little movement in June. New home closings saw a climb of 81.2% from a year earlier to 29. Closings were level in June from the year earlier.
A total of 238 new homes were sold during the 12 months that ended in July, up from 225 for the year that ended in June.
Out of all housing closings, new home closings accounted for 4.9%. This is an increase on a percentage basis, as new home closings were 2.9% of total closings a year ago. After remaining steady in June from a year earlier, closings of new and existing homes gained in July.
Pricing and Mortgage Trends
The average price of new homes was $244,938 per unit in July, up 26.4%from a year earlier. This gain is an improvement over the 22.7% surge in June year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. In July 2015, average mortgage size climbed 34.7% from a year earlier to $210,716. Average mortgage size rose 26.3% in June 2015 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 81.2% of new closings in July 2014 to 86.2% of closings in July 2015. At the same time, the share of new home closings belonging to attached units dropped to 13.8% of closings from 18.8% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 9.4% of existing home closings, below 17.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.9% in July from 7.3% a year earlier while REO closings as a percentage of existing home closings fell to 5.5% from 9.9% a year earlier.