New home closings in the Medford, OR market dropped year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 17 a year earlier to 1 after the figure moved from 13 in January 2015 to 5 in January 2016.
A total of 136 new homes were sold during the 12 months that ended in February, down from 152 for the year that ended in January.
Last year, 17 of 241 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 257 total closings. Closings of new and existing homes grew year-over-year in February following a fall in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $331,000 from last year's $271,461. This was on the heels of a 20.6% hike in January year-over-year.
The average mortgage size on new homes was $297,900, up from $229,748. Average mortgage size on new homes went from $311,500 in January 2015 to $323,972 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings accounted for 30.1% of existing home closings, up from 23.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.5% in February from 8.9% a year earlier while REO closings as a percentage of existing home closings climbed to 15.6% from 14.3%.