The Oshkosh, WI market saw an increase in closings of new homes in January year-over-year, but the increase was less than December 2015. New home closings moved from 3 a year earlier to 8 after the figure moved from 2 in December 2014 to 6 in December 2015.

A total of 79 new homes were sold during the 12 months that ended in January, up from 74 for the year that ended in December.

New home closings were 8 of the 160 total closings, up on a percentage basis from 3 of 119 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also rose year-over-year in January.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $244,988 from $200,600 a year ago. This followed a 4.2% drop in December from a year earlier.

The average mortgage size on new homes was $182,878, up from $159,640. Average mortgage size on new homes went from $188,800 in December 2014 to $146,272 in December 2015.

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 declined in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 28.3% of existing closings, lower than 34.5% a year earlier. The percentage of existing home closings involving foreclosures went from 17.2% in January 2015 to 16.4% in January 2016 and REO closings as a percentage of existing home closings declined to 11.8% from 17.2% a year earlier.

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