New home closings in the Sheboygan, WI market remained steady year-over-year in May, staying flat after dropping year-over-year in April from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in April 2015 to 1 in April 2016.
1 of the 178 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Closings of new and existing homes jumped year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $289,900, down from last year's $325,900. This followed a more than twofold hike in April year-over-year.
The average mortgage size moved to $189,900, down from last year's $293,300. Average mortgage size on new homes went from $236,948 in April 2015 to $417,000 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 20.3% of closings, below 22.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.0% in May from 13.3% a year earlier while REO closings as a percentage of existing home closings gained to 11.3% from 9.6%.