In March, closings of new homes in the Wausau, WI market gained year-over-year, but the increase was less than February 2016. New home closings moved from 5 a year earlier to 6 after the figure moved from 2 in February 2015 to 3 in February 2016.
A total of 64 new homes were sold during the 12 months that ended in March, up from 63 for the year that ended in February.
New home closings were 6 out of the 154 total closings, a move on a percentage basis from 5 of 155 a year earlier. After increasing in February from a year earlier, closings of new and existing homes remained level in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $189,767, compared with $212,820 last year. This came after a 23.9% hike in February year-over-year.
From the year-ago figure of $133,700, the average mortgage size on new homes moved up to $181,408. In February 2016, average mortgage size remained level from a year earlier at $156,084.
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 increased in March from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 20.3% of existing home closings, above 20.0% a year earlier. The percentage of existing home closings involving foreclosures went from 6.0% in March 2015 to 6.8% in March 2016 and REO closings moved from 14.0% of existing home closings in March 2015 to 13.5% in March 2016.