In the Eau Claire, WI market, new home closings slid year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to 1 after the figure moved from 8 in July 2014 to 4 in July 2015.
A total of 34 new homes were sold during the 12 months that ended in August, down from 37 for the year that ended in July.
New home closings were 1.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 267 total closings. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $202,900 from last year's $194,975. This followed a 28.7% surge in July year-over-year.
Average mortgage size on new homes increased to $179,000 from $167,410 last year. Average mortgage size on new homes went from $190,410 in July 2014 to $265,675 in July 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.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 8.3% of existing home closings, above 7.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.9% in August from 3.2% a year earlier while REO closings as a percentage of existing home closings rose to 6.4% from 4.4%.