New home closings fell year-over-year in August in the Appleton, WI market, shifting downward off a rise in July 2015. New home closings saw a fall of 25.0% from the year earlier to 15. This followed a 15.8% jump year-over-year in July.
A total of 176 new homes were sold during the 12 months that ended in August, down from 181 for the year that ended in July.
Out of all housing closings, new home closings represented 3.6%. This is down from the 4.7% of closings a year earlier. After rising year-over-year in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
In August, the average value of new homes saw a 35.1% lift year-over-year as it grew to $257,800 per unit. This rise is higher than the 6.5% gain in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In August 2015, the average mortgage size was $230,784, up 27.6% from a year earlier. In July 2015, average mortgage size grew 8.0% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings jumped from 60.0% of new closings in August 2014 to 86.7% of closings in August 2015. At the same time, the share of new home closings belonging to attached units fell to 13.3% of closings from 40.0% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 9.2% of existing home closings, down from 12.4% a year earlier. The percentage of existing home closings involving foreclosures went from 5.0% in August 2014 to 4.7% in August 2015 and REO closings as a percentage of existing home closings slid to 4.5% from 7.4% a year earlier.