Closings of new homes slid year-over-year in June in the Oshkosh, WI market, and the decline was by a larger percentage than the May 2016. New home closings moved from 11 a year earlier to 5 after the figure moved from 10 in May 2015 to 6 in May 2016.
A total of 107 new homes were sold during the 12 months that ended in June, down from 113 for the year that ended in May.
New home closings were 5 out of the 301 total closings, down on a percentage basis from 11 of 367 a year earlier. Following a year-over-year increase in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $222,160 from last year's $200,300. This followed a 9.6% hike in May year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $180,945 to $166,990. Average mortgage size on new homes went from $183,304 in May 2015 to $155,684 in May 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 rose in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 13.2% of existing home closings, up from 10.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in June 2015 to 4.4% in June 2016 and REO closings as a percentage of existing home closings gained to 8.8% from 5.6%.