There was a rise in closings of new homes in the Wausau, WI market in July year-over-year, but the increase was less than June 2016. New home closings moved from 5 a year earlier to 6 after the figure moved from 4 in June 2015 to 7 in June 2016.
A total of 64 new homes were sold during the 12 months that ended in July, up from 63 for the year that ended in June.
New home closings were 6 of the 196 total closings, up on a percentage basis from 5 of 251 a year earlier. After rising year-over-year in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $220,317 from last year's $197,920. This followed a 1.1% fall in June from a year earlier.
Average mortgage size on new homes went from $174,973 a year earlier to $177,167. Average mortgage size on new homes went from $179,147 in June 2015 to $162,685 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 9.5% of existing home closings, down from 13.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.6% in July from 6.1% a year earlier and REO closings moved from 7.3% of existing home closings in July 2015 to 6.8% in July 2016.