Closings of new homes slid year-over-year in April in the Wausau, WI market, sliding after a growth in March 2016. New home closings moved from 3 a year earlier to 2 after the figure moved from 5 in March 2015 to 6 in March 2016.
A total of 63 new homes were sold during the 12 months that ended in April, down from 64 for the year that ended in March.
New home closings were 2 out of the 170 total closings, a move on a percentage basis from 3 of 150 a year earlier. Closings of new and existing homes jumped year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $170,550, down from $183,200 a year earlier. This followed a 10.8% decline in March from a year earlier.
Average mortgage size on new homes rose from $137,680 to $161,450. Average mortgage size on new homes went from $133,700 in March 2015 to $181,408 in March 2016.
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 April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 21.4% of existing home closings, down from 23.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.9% in April from 10.9% a year earlier while REO closings as a percentage of existing home closings slid to 9.5% from 12.9% a year earlier.