Closings of new homes in the Sheboygan, WI market saw no change year-over-year in January, staying relatively stable after having decreased year-over-year in December. Closings remained level at 1 from a year earlier after the figure moved from 2 in December 2014 to 1 in December 2015.
1 of the 106 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a year-over-year increase in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $246,000 from last year's $204,000. This was on the heels of a 34.0% drop in December from a year earlier.
From the year-ago figure of $193,789, the average mortgage size on new homes moved up to $196,800. Average mortgage size on new homes went from $290,663 in December 2014 to $175,000 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 28.6% of closings, below 31.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.3% in January from 18.0% a year earlier while REO closings as a percentage of existing home closings jumped to 15.2% from 13.5%.