In December, the Corvallis, OR market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the November 2015. New home closings moved from 10 a year earlier to none after the figure moved from 8 in November 2014 to 1 in November 2015.
New home closings were 10.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 77 total closings. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 6.5% of existing home closings, up from 2.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.6% in December from no part a year earlier while REO closings as a percentage of existing home closings rose to 3.9% from 2.2%.