In the Oshkosh, WI market in September, new home closings dropped year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 13 a year earlier to 7 after the figure moved from 8 in August 2014 to 7 in August 2015.
A total of 71 new homes were sold during the 12 months that ended in September, down from 77 for the year that ended in August.
New home closings represented 7 out of the 277 total closings, which is a smaller percentage than the 13 of 251 total closings a year earlier. After dropping in August from a year earlier, closings of new and existing homes jumped year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $198,800, a move from $200,654 a year earlier. This came after a 5.6% bump in August year-over-year.
There was a decline in average mortgage size on new homes, going from $157,947 last year to $122,556 in September 2015. Average mortgage size on new homes went from $176,385 in August 2014 to $165,094 in August 2015.
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.
The average unit size of newly sold homes fell from 1,608 square feet a year earlier to 930 square feet.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 23.0% of existing home closings, up from 11.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.1% in September from 4.6% a year earlier while REO closings as a percentage of existing home closings rose to 8.9% from 7.1%.