The La Crosse, WI market saw a drop in new home closings year-over-year in March, a decline following a rise in February 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 2 in February 2015 to 4 in February 2016.
New home closings were 1 out of the 89 total closings, a move on a percentage basis from 3 of 149 a year earlier. Following a period of little movement in February from a year earlier, closings of new and existing homes sank year-over-year in March.
The average per-unit price of new homes was $162,000, compared with $249,350 last year. This was on the heels of a 12.9% fall in February from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 10.2% of existing home closings, up from 8.2% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in March 2015 to 4.5% in March 2016 and REO closings as a percentage of existing home closings gained to 5.7% from 3.4%.