Closings of new homes in the Green Bay, WI market dropped year-over-year in June, a downhill move after a gain in May 2016. There was a 31.6% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 38.9% boost year-over-year in May.
A total of 263 new homes were sold during the 12 months that ended in June, down from 275 for the year that ended in May.
As a percentage of overall housing closings, new home closings represented 4.5% of overall housing closings. As a part of the whole, new home closings were 5.4% a year earlier. Following a year-over-year rise in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes declined by 2.5% year-over-year to $240,977 per unit in June. This fall compares to a 56.0% boost in May year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year in contrast to new home prices. Average mortgage size increased 10.7% to $258,034 in June from a year earlier. In May 2016, average mortgage size on newly sold homes saw a 57.4% rise year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 86.8% of new closings in June 2015 to 88.5% of closings in June 2016. Conversely, the share of new home closings belonging to attached units sank to 11.5% of closings from 13.2% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 7.6% of existing home closings, down from 11.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 0.4% in June from 4.7% a year earlier and REO closings moved from 6.8% of existing home closings in June 2015 to 7.2% in June 2016.