New home closings in the Wausau, WI market increased year-over-year in July, rebounding from a year-over-year decline in June 2015. New home closings moved from 2 a year earlier to 5 after the figure moved from 10 in June 2014 to 5 in June 2015.
A total of 54 new homes were sold during the 12 months that ended in July, up from 51 for the year that ended in June.
New home closings were 5 of the 250 total closings, up on a percentage basis from 2 of 207 a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $197,920, an increase from $194,750 a year earlier. This was on the heels of a 5.6% lift in June year-over-year.
The average mortgage size on new homes was $174,973, up from $161,100. Average mortgage size on new homes went from $195,944 in June 2014 to $179,147 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 13.1% of existing home closings, below 19.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.1% in July from 10.2% a year earlier while REO closings as a percentage of existing home closings slid to 6.9% from 9.3% a year earlier.