In the Portland, ME market in January, new home closings declined year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 7 a year earlier to 3 after the figure moved from 6 in December 2014 to 5 in December 2015.
A total of 68 new homes were sold during the 12 months that ended in January, down from 72 for the year that ended in December.
Last year, 7 of 226 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 213 total closings. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $262,964, compared with $297,175 last year. This was on the heels of a 52.2% decline in December from a year earlier.
The average mortgage size moved to $210,372, down from last year's $248,157. Average mortgage size on new homes went from $509,785 in December 2014 to $294,423 in December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 8.6% of existing home closings, down from 12.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.4% in January from 4.1% a year earlier while REO closings as a percentage of existing home closings slid to 6.2% from 8.7% a year earlier.