The Wausau, WI market saw an increase in closings of new homes in June year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 4 a year earlier to 7 after the figure moved from 7 in May 2015 to 4 in May 2016.
A total of 63 new homes were sold during the 12 months that ended in June, up from 60 for the year that ended in May.
New home closings were 7 out of the 283 total closings, a move on a percentage basis from 4 of 247 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also jumped year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $219,014, compared with $221,450 last year. This was on the heels of a 36.0% drop in May from a year earlier.
The average mortgage size went down to $162,685 from $179,147 a year earlier. Average mortgage size on new homes went from $194,059 in May 2015 to $140,550 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 June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 10.5% of existing home closings, below 16.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.1% in June from 7.0% a year earlier while REO closings as a percentage of existing home closings declined to 5.4% from 9.1% a year earlier.