Closings of new homes in the Appleton, WI market slid year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 27 a year earlier to 23 after the figure moved from 16 in March 2015 to 12 in March 2016.
A total of 207 new homes were sold during the 12 months that ended in April, down from 211 for the year that ended in March.
Out of all housing closings, new home closings represented 6.2%. As a part of the whole, new home closings were 7.2% a year earlier. Following a year-over-year increase in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $268,813 in April, up 13.6% from last year. This bump is better than the 7.3% hike in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, the average mortgage size on newly sold homes saw a 18.4% lift from a year earlier. Average mortgage size on new homes went from $210,791 in March 2015 to $229,889 in March 2016.
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 jumped from 92.6% in April 2015 to 95.7% of closings in April 2016. At the same time, the share of new home closings belonging to attached units dropped to 4.3% of closings from 7.4% of closings.
The average unit size of newly sold homes increased 83.1% year-over-year to 2,313 square feet in April 2016.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 12.4% of existing home closings, up from 10.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at 4.0% of closings in April from a year earlier while REO closings as a percentage of existing home closings jumped to 8.4% from 6.6%.