New home closings in the Eau Claire, WI market dropped year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 8 a year earlier to 3 after the figure moved from 6 in April 2015 to 3 in April 2016.
New home closings represented 3 out of the 281 total closings, which is a smaller percentage than the 8 of 329 total closings a year earlier. Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $236,633, compared with $249,200 last year. This followed a 1.6% hike in April year-over-year.
From the year-ago figure of $205,292, the average mortgage size on new homes moved up to $221,350. Average mortgage size on new homes went from $194,592 in April 2015 to $179,325 in April 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 May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 7.9% of existing home closings, below 9.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.8% in May from 3.7% a year earlier and REO closings moved from 5.3% of existing home closings in May 2015 to 6.1% in May 2016.