Closings of new homes in the Oshkosh, WI market remained unchanged year-over-year in March, showing little movement after little change in February from the year earlier. Closings remained steady at 4 from a year earlier after being level at 3 in February from the year earlier.
A total of 83 new homes were sold during the 12 months that ended in March, equal to the number of new homes sold for the year that ended in February.
New home closings were 4 out of the 229 total closings, a move on a percentage basis from 4 of 213 a year earlier. For new and existing homes, closings jumped year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $230,175, up from $220,175 a year earlier. This was on the heels of a 35.1% rise in February year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $179,937 to $166,225. Average mortgage size on new homes went from $214,305 in February 2015 to $286,779 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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 15.1% of existing closings, lower than 22.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.8% in March from 9.6% a year earlier while REO closings as a percentage of existing home closings slid to 9.3% from 12.4% a year earlier.