Latest Figures Show New Home Prices Increase, Sales Drop in Wausau
Posted on: May 06, 2013 07:39:07 AM
Closings of new homes dropped year-over-year in February in the Wausau, WI market, and the decline was by a larger percentage than the January 2013. New home closings moved from four a year earlier to one after the figure moved from seven in January 2012 to four in January 2013.
A total of 42 new homes were sold during the 12 months that ended in February, down from 45 for the year that ended in January.
Out of 126 total closings, one were of new homes, which makes up a smaller percentage than the four out of 143 total closings last year. After rising year-over-year in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $175,000 from $111,650 a year ago. This came after a 15.7% gain in January year-over-year.
Average mortgage size on new homes increased to $171,765 from $153,000 last year. Average mortgage size on new homes went from $134,995 in January 2012 to $181,450 in January 2013.
Latest Figures Show New Home Prices Increase, Sales Drop in Wausau
Posted on: May 06, 2013 07:39:07 AM
Closings of new homes dropped year-over-year in February in the Wausau, WI market, and the decline was by a larger percentage than the January 2013. New home closings moved from four a year earlier to one after the figure moved from seven in January 2012 to four in January 2013.
A total of 42 new homes were sold during the 12 months that ended in February, down from 45 for the year that ended in January.
Out of 126 total closings, one were of new homes, which makes up a smaller percentage than the four out of 143 total closings last year. After rising year-over-year in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $175,000 from $111,650 a year ago. This came after a 15.7% gain in January year-over-year.
Average mortgage size on new homes increased to $171,765 from $153,000 last year. Average mortgage size on new homes went from $134,995 in January 2012 to $181,450 in January 2013.
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. Single-family home closings made up all of new home closings after accounting for two of four last year. Meanwhile, attached units made up no part of new home closings after making up two of four closings a year earlier.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 44.0% of existing home closings, below 61.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 21.6% in February from 27.3% a year earlier while REO closings as a percentage of existing home closings declined to 22.4% from 33.8% a year earlier.
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Source: Housing Intelligence