New home closings in the Green Bay, WI market increased year-over-year in April, moving upward off a decline in March 2016. There was a 27.8% hike in new home closings from a year earlier. This came on the heels of a 18.2% drop year-over-year in March.
A total of 250 new homes were sold during the 12 months that ended in April, up from 245 for the year that ended in March.
New home closings represented 4.0% of overall housing closings. A year ago, new home closings made up 3.5%. For new and existing homes, closings gained year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes stayed the same year-over-year in April at $236,457. This comes after a 19.1% hike in March year-over-year.
Average mortgage size on new homes increased year-over-year in contrast to new home prices. The average mortgage size rose to $203,133 in April, marking a 8.1% boost compared with a year earlier. In March 2016, average mortgage size on newly sold homes saw a 2.7% lift year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units grew from 11.1% of closings in April 2015 to 30.4% of closings in April 2016. At the same time, the share belonging to single-family homes dropped to 69.6% of closings from 88.9% of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 11.2% of existing home closings, below 14.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.2% in April from 6.1% a year earlier while REO closings as a percentage of existing home closings dropped to 7.0% from 8.1% a year earlier.