In the Appleton, WI market in February, closings of new homes fell year-over-year, a decline following a rise in January 2016. New home closings moved from 15 a year earlier to 10 after the figure moved from 8 in January 2015 to 11 in January 2016.

A total of 212 new homes were sold during the 12 months that ended in February, down from 217 for the year that ended in January.

Last year, 15 of 197 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 277 total closings. Closings of new and existing homes climbed year-over-year in February after also rising in January year-over-year.

Pricing and Mortgage Trends

The average new home value went from $239,860 last year to $243,750. This was on the heels of a 8.7% decline in January from a year earlier.

The average mortgage size on new homes was $211,183, up from $203,450. Average mortgage size on new homes went from $193,888 in January 2015 to $169,495 in January 2016.

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.

The average unit size of newly sold homes fell from 1,722 square feet a year earlier to 1,642 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 13.5% of existing home closings, below 26.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.4% in February from 9.9% a year earlier while REO closings as a percentage of existing home closings declined to 7.1% from 16.5% a year earlier.

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