New home closings slid year-over-year in February in the Corvallis, OR market, but the decline was less than the year-over-year decline in January. New home closings moved from 6 a year earlier to 1 after the figure moved from 10 in January 2015 to none in January 2016.
On a percentage basis, new home closings as a part of total closings decreased to 1.8% from 8.7% a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $379,500 from $224,148 a year ago. This was on the heels of a.
Average mortgage size on new homes increased to $360,525 from $185,163 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 7.1% of closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures went from 7.9% in February 2015 to 7.1% in February 2016 and REO closings as a percentage of existing home closings sank to no part from 4.8% a year earlier.