In the Appleton, WI market, new home closings sank year-over-year in September, but the percentage decline was not as steep as August 2015, giving suggestion that the market may be stabilizing. New home closings saw a 21.1% drop from a year earlier to 15. This followed a 25.0% fall year-over-year in August.
A total of 177 new homes were sold during the 12 months that ended in September, down from 181 for the year that ended in August.
New home closings accounted for 3.8% of overall housing closings. New home closings were 4.5% of overall closings last year. For new and existing homes, closings declined in September after also declining in August year-over-year.
Pricing and Mortgage Trends
In September, the average per-unit price of new homes sank by 15.5% year-over-year to $247,813. This fall compares to a 35.1% surge in August year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In September 2015, the average mortgage size on newly sold homes saw a 5.6% fall from a year earlier. Average mortgage size climbed 27.6% in August 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes gained from 73.7% in September 2014 to 80.0% of closings in September 2015. Conversely, the share of new home closings belonging to attached units sank to 20.0% of closings from 26.3% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.9% of existing home closings, down from 16.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.1% in September from 9.5% a year earlier and REO closings moved from 6.7% of existing home closings in September 2014 to 6.8% in September 2015.