In August, the Green Bay, WI market saw a decline year-over-year in new home closings, a move downward following a boost in July 2015. Closings slumped 22.7% from a year earlier to 17. This was after the housing market saw a 81.2% boost year-over-year in July.
A total of 241 new homes were sold during the 12 months that ended in August, down from 246 for the year that ended in July.
Of the total number of closings, new home closings made up 3.1%. They accounted for 3.9% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in August to $244,818 per unit, a rise of 8.9%. This rise is smaller than the 26.4% gain in July year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In August 2015, there was a 6.9% surge in the average mortgage size, reaching $204,152. In July 2015, average mortgage size on newly sold homes saw a 34.7% bump year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes gained from 72.7% in August 2014 to 88.2% of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings sank to 11.8% of closings from 27.3% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 7.9% of existing home closings, down from 16.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.2% in August from 7.2% a year earlier while REO closings as a percentage of existing home closings dropped to 4.7% from 9.3% a year earlier.