In the Eau Claire, WI market in April, closings of new homes fell year-over-year, a decline following a rise in March 2016. New home closings moved from 6 a year earlier to 3 after the figure moved from 3 in March 2015 to 4 in March 2016.
New home closings represented 3 out of the 268 total closings, which is a smaller percentage than the 6 of 283 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $216,800 from last year's $213,483. This followed a 28.7% fall in March from a year earlier.
The average mortgage size moved to $179,325, down from last year's $194,592. Average mortgage size on new homes went from $240,745 in March 2015 to $128,638 in March 2016.
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 continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 6.4% of existing home closings, below 8.3% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in April 2015 to 2.6% in April 2016 and REO closings as a percentage of existing home closings declined to 3.8% from 5.1% a year earlier.