In the Appleton, WI market in March, new home closings slid year-over-year, but the decline was less than the year-over-year decline in February. New home closings moved from 16 a year earlier to 12 after the figure moved from 15 in February 2015 to 10 in February 2016.
A total of 211 new homes were sold during the 12 months that ended in March, down from 215 for the year that ended in February.
New home closings were 12 out of the 304 total closings, down on a percentage basis from 16 of 299 a year earlier. For new and existing homes, closings increased year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $254,508, an increase from $237,244 a year earlier. This was on the heels of a 1.6% surge in February year-over-year.
Average mortgage size on new homes went from $210,791 a year earlier to $229,889. Average mortgage size on new homes went from $203,450 in February 2015 to $211,183 in February 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Combined, foreclosures plus REO closings represented 13.7% of existing home closings. In March 2015, they accounted for 13.8%. The percentage of existing home closings involving foreclosures went from 4.9% in March 2015 to 5.1% in March 2016 and REO closings moved from 8.8% of existing home closings in March 2015 to 8.6% in March 2016.