In the Eau Claire, WI market, new home closings declined year-over-year in April, a decline following a rise in March 2016. New home closings moved from 6 a year earlier to 3 after the figure moved from 3 in March 2015 to 4 in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 2.1% a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $213,483 last year to $216,800. This came after a 28.7% decline in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $194,592 to $179,325. Average mortgage size on new homes went from $240,745 in March 2015 to $128,638 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 6.4% of closings, below 8.3% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in April 2015 to 2.6% in April 2016 and REO closings as a percentage of existing home closings dropped to 3.8% from 5.1% a year earlier.