In the Eau Claire, WI market, new home closings dropped year-over-year in June, declining after staying relatively stable in May from the year earlier. Closings stood at 2 in June after being 8 a year earlier and remaining unchanged at 4 in May from a year earlier.
A total of 41 new homes were sold during the 12 months that ended in June, down from 47 for the year that ended in May.
New home closings were 2.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 347 total closings. After increasing in May from a year earlier, closings of new and existing homes remained level in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $238,450, compared with $255,338 last year. This followed a 31.7% drop in May from a year earlier.
From the year-ago figure of $201,292, the average mortgage size on new homes moved up to $229,238. Average mortgage size on new homes went from $293,247 in May 2014 to $197,764 in May 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 June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.5% of closings, below 9.8% a year earlier. The percentage of existing home closings involving foreclosures went from 4.2% in June 2014 to 3.8% in June 2015 and REO closings as a percentage of existing home closings sank to 3.8% from 5.7% a year earlier.