There was an increase in new home closings in the Green Bay, WI market in January year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 9 a year earlier to 15 after the figure moved from 19 in December 2014 to 13 in December 2015.
A total of 239 new homes were sold during the 12 months that ended in January, up from 233 for the year that ended in December.
New home closings were 15 out of 317 total closings, making up 4.7%. This is up on a percentage basis from 9 of 259 a year earlier. Closings of new and existing homes jumped year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $251,567 from $232,589 a year ago. This followed a 13.4% rise in December year-over-year.
Average mortgage size on new homes went from $197,401 a year earlier to $226,640. Average mortgage size on new homes went from $198,613 in December 2014 to $190,794 in December 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 23.2% of existing home closings, below 23.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.9% in January from 13.6% a year earlier while REO closings as a percentage of existing home closings grew to 13.2% from 10.0%.