In the Eau Claire, WI market in July, new home closings slid year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 8 a year earlier to 4 after the figure moved from 8 in June 2014 to 2 in June 2015.
A total of 37 new homes were sold during the 12 months that ended in July, down from 41 for the year that ended in June.
New home closings were 2.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 316 total closings. Closings of new and existing homes gained in July after staying steady in June from a year earlier.
Pricing and Mortgage Trends
The average price of new homes rose to $290,375 from last year's $225,600. This followed a 6.6% drop in June from a year earlier.
Average mortgage size on new homes rose from $190,410 to $265,675. Average mortgage size on new homes went from $201,292 in June 2014 to $229,238 in June 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 July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 9.6% of existing closings, lower than 10.6% a year earlier. The percentage of existing home closings involving foreclosures went from 2.7% in July 2014 to 3.2% in July 2015 and REO closings as a percentage of existing home closings sank to 6.4% from 8.0% a year earlier.