In the Bend, OR market, closings of new homes declined year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 75 a year earlier to 9 after the figure moved from 46 in November 2014 to 13 in November 2015.
A total of 471 new homes were sold during the 12 months that ended in December, down from 537 for the year that ended in November.
New home closings were 19.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 9 of the 429 total closings. Following a drop in November year-over-year, closings of new and existing homes rose year-over-year in December.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $414,594 from $285,671 a year ago. This came after a 5.0% bump in November year-over-year.
Average mortgage size on new homes went from $235,447 a year earlier to $319,528. Average mortgage size on new homes went from $249,918 in November 2014 to $263,148 in November 2015.
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.
The average unit size of newly sold homes rose from 1,797 square feet a year earlier to 2,564 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 16.0% of existing home closings, below 20.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.2% in December from 8.5% a year earlier while REO closings as a percentage of existing home closings dropped to 9.8% from 11.8% a year earlier.