New home closings slid year-over-year in November in the Medford, OR market, and the decline was by a larger percentage than the October 2015. New home closings moved from 22 a year earlier to 5 after the figure moved from 11 in October 2014 to 5 in October 2015.
A total of 163 new homes were sold during the 12 months that ended in November, down from 180 for the year that ended in October.
Last year, 22 of 343 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 308 total closings. After rising year-over-year in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $374,050, up from $268,860 a year earlier. This came after a 58.4% boost in October year-over-year.
Average mortgage size on new homes increased to $230,720 from $228,329 last year. Average mortgage size on new homes went from $202,190 in October 2014 to $374,110 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes rose from 1,740 square feet a year earlier to 2,571 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 20.5% of existing home closings, above 16.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.9% in November from 7.2% a year earlier while REO closings as a percentage of existing home closings climbed to 11.6% from 9.7%.