The Eau Claire, WI market saw an increase in closings of new homes in January year-over-year, and the increase was greater than December 2015. New home closings moved from 2 a year earlier to 4 after the figure moved from 6 in December 2014 to 7 in December 2015.
A total of 60 new homes were sold during the 12 months that ended in January, up from 58 for the year that ended in December.
New home closings were 4 of the 128 total closings, up on a percentage basis from 2 of 127 a year earlier. After new and existing closings grew in December year-over-year, they stayed level in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $247,925, compared with $270,250 last year. This followed a 5.9% surge in December year-over-year.
The average mortgage size moved to $115,526, down from last year's $243,225. Average mortgage size on new homes went from $234,911 in December 2014 to $202,962 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 continued to drop from a year earlier in January, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 19.4% of existing closings, lower than 24.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.9% in January from 12.0% a year earlier while REO closings as a percentage of existing home closings declined to 10.5% from 12.0% a year earlier.