There was an increase in new home closings in the Eau Claire, WI market in March year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 3 a year earlier to 4 after the figure moved from 3 in February 2015 to none in February 2016.
4 of the 175 total closings were new home closings, a shift on a percentage basis from 3 out of 215 a year earlier. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $195,050, compared with $273,400 last year. This followed a.
Average mortgage size on new homes fell from $240,745 to $128,638.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 12.3% of existing home closings, up from 9.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.5% in March from 4.7% a year earlier while REO closings as a percentage of existing home closings rose to 8.8% from 5.2%.