Recent Numbers Show New Home Sales Drop in Wausau
Posted on: Feb 11, 2014 07:40:50 AM
In November, the Wausau, WI market saw a drop year-over-year in new home closings, dropping after a year-over-year increase in October 2013. New home closings moved from 5 a year earlier to none after the figure moved from 2 in October 2012 to 4 in October 2013.
Last year, 5 of 211 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 156 total closings. Following a year-over-year rise in October, closings of new and existing homes fell year-over-year in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 42.3% of existing home closings, above 39.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.7% in November from 23.3% a year earlier while REO closings as a percentage of existing home closings increased to 27.6% from 16.0%.
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