In the Green Bay, WI market in March, closings of new homes declined year-over-year, a decline following a rise in February 2016. New home closings moved from 22 a year earlier to 18 after the figure moved from 7 in February 2015 to 13 in February 2016.
A total of 245 new homes were sold during the 12 months that ended in March, down from 249 for the year that ended in February.
Of the total number of closings, new home closings made up 4.3%. A year ago, new home closings accounted for 5.0%. After rising year-over-year in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
In March, the average price of newly sold homes grew 19.1% year-over-year to $284,889 per unit. This bump is smaller than the 35.9% boost in February year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In March 2016, the average mortgage size was $230,685, up 2.7% from a year earlier. Average mortgage size on new homes went from $158,669 in February 2015 to $178,730 in February 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units jumped from no part of closings in March 2015 to 11.1% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings declined to 88.9% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 15.3% of existing home closings, below 18.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.0% in March from 7.4% a year earlier and REO closings moved from 10.9% of existing home closings in March 2015 to 10.3% in March 2016.