Closings of new homes in the Eugene, OR market slid year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 15 a year earlier to 4 after the figure moved from 16 in April 2015 to 5 in April 2016.
A total of 138 new homes were sold during the 12 months that ended in May, down from 149 for the year that ended in April.
New home closings were 2.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 574 total closings. After dropping in April from a year earlier, closings of new and existing homes increased year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $335,450, up from $281,005 a year earlier. This came after a 30.0% gain in April year-over-year.
Average mortgage size on new homes increased to $278,025 from $241,671 last year. Average mortgage size on new homes went from $258,650 in April 2015 to $296,863 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.2% of closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.6% in May from 4.1% a year earlier while REO closings as a percentage of existing home closings fell to 4.6% from 9.6% a year earlier.