In the Green Bay, WI market, new home closings fell year-over-year in November, drawing a downward slope off of a rise in October 2015. Closings slid 5.0% from a year earlier to 19. This followed a 9.5% jump year-over-year in October.
A total of 239 new homes were sold during the 12 months that ended in November, down from 240 for the year that ended in October.
Out of all housing closings, new home closings made up 4.8%. This is a fall 5.9% of closings a year earlier. Closings of new and existing homes climbed year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 20.7% boost year-over-year to $242,184 per unit in November. This hike is smaller than the 27.4% surge in October year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. The average mortgage size rose to $241,816 in November, marking a 49.1% gain compared with a year earlier. Average mortgage size grew 15.4% in October 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes rose from three quarters in November 2014 to 89.5% of closings in November 2015. Conversely, the share of new home closings belonging to attached units fell to 10.5% of closings from a quarter of closings.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 20.0% of existing home closings, up from 19.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.2% in November from 10.6% a year earlier while REO closings as a percentage of existing home closings increased to 10.8% from 8.8%.