New Home Prices Climb, Sales Decrease in La Crosse - August 2014
Posted on: Aug 09, 2014 07:00:57 AM
New home closings in the La Crosse, WI market slid year-over-year in April, and the decline was by a larger percentage than the March 2014. New home closings moved from 3 a year earlier to 1 after the figure moved from 2 in March 2013 to 1 in March 2014.
1 of the 102 total closings were new home closings, a shift on a percentage basis from 3 out of 167 a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
The average price for newly sold homes moved north to $290,000 from $281,633 a year ago. This followed a 17.8% hike in March year-over-year.
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 April from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 20.8% of existing home closings, up from 14.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.9% in April from 7.3% a year earlier while REO closings as a percentage of existing home closings jumped to 7.9% from 6.7%.