In December, closings of new homes jumped year-over-year in the Oshkosh, WI market, and the increase was greater than November 2015. New home closings moved from 2 a year earlier to 6 after the figure moved from 5 in November 2014 to 7 in November 2015.
A total of 74 new homes were sold during the 12 months that ended in December, up from 70 for the year that ended in November.
New home closings were 6 of the 211 total closings, up on a percentage basis from 2 of 180 a year earlier. Closings of new and existing homes rose year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $232,750, down from $243,000 a year earlier. This came after a 63.0% lift in November year-over-year.
The average mortgage size moved to $146,272, down from last year's $188,800. Average mortgage size on new homes went from $137,615 in November 2014 to $174,525 in November 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 22.4% of existing home closings, down from 30.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.7% in December from 14.6% a year earlier while REO closings as a percentage of existing home closings fell to 11.7% from 15.7% a year earlier.