Closings of new homes in the Sheboygan, WI market remained steady year-over-year in June, staying stable after little movement in May. Closings remained steady at 1 from a year earlier after being level at 1 in May from the year earlier.

Out of the 223 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. For new and existing homes, closings gained year-over-year in June after also increasing in May year-over-year.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $408,200 from $239,600 a year ago. This was on the heels of a 11.0% decline in May from a year earlier.

From the year-ago figure of $179,700, the average mortgage size on new homes moved up to $367,000. Average mortgage size on new homes went from $293,300 in May 2015 to $189,900 in May 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.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 8.1% of existing home closings, below 14.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.2% in June from 4.7% a year earlier while REO closings as a percentage of existing home closings slid to 5.0% from 10.2% a year earlier.

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