In July, the Appleton, WI market saw a fall year-over-year in new home closings, falling after a rise in June 2016. New home closings moved from 26 a year earlier to 12 after the figure moved from 15 in June 2015 to 22 in June 2016.

A total of 220 new homes were sold during the 12 months that ended in July, down from 234 for the year that ended in June.

On a percentage basis, new home closings as a part of total closings decreased to 3.3% from 6.0% a year earlier. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $255,758, a move from $258,328 a year earlier. This was on the heels of a 13.2% boost in June year-over-year.

From the year-ago figure of $206,896, the average mortgage size on new homes moved up to $215,973. In June 2016, average mortgage size jumped 20.6% from a year earlier.

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.

The average unit size of newly sold homes rose from 1,900 square feet a year earlier to 2,521 square feet.

Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 9.8% of existing home closings, up from 8.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.9% in July from 3.7% a year earlier while REO closings as a percentage of existing home closings stayed level at 4.9%.

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