In May, the Oshkosh, WI market saw a decline year-over-year in new home closings, falling after a rise in April 2016. New home closings moved from 10 a year earlier to 6 after the figure moved from 2 in April 2015 to 10 in April 2016.
A total of 113 new homes were sold during the 12 months that ended in May, down from 117 for the year that ended in April.
Last year, 10 of 278 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 302 total closings. Following a fall in April year-over-year, closings of new and existing homes increased year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes rose to $250,933 from last year's $228,880. This was on the heels of a set of periods with no new home closings in both April 2016 or April 2015.
There was a decline in average mortgage size on new homes, going from $183,304 last year to $155,684 in May 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 drop from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 12.2% of existing home closings, below 21.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.1% in May from 11.6% a year earlier while REO closings as a percentage of existing home closings fell to 7.1% from 9.7% a year earlier.