In the Green Bay, WI market in February, closings of new homes jumped year-over-year, and the increase was greater than January 2016. New home closings moved from 7 a year earlier to 13 after the figure moved from 9 in January 2015 to 15 in January 2016.
A total of 249 new homes were sold during the 12 months that ended in February, up from 243 for the year that ended in January.
New home closings were 13 of the 335 total closings, up on a percentage basis from 7 of 277 a year earlier. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $235,885, up from $173,571 a year earlier. This was on the heels of a 8.2% gain in January year-over-year.
Average mortgage size on new homes rose from $158,669 to $178,730. Average mortgage size on new homes went from $197,401 in January 2015 to $226,640 in January 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 21.1% of existing home closings, below 23.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.5% in February from 11.9% a year earlier while REO closings as a percentage of existing home closings increased to 13.7% from 11.9%.