In July, there was a drop year-over-year in new home closings in the Corvallis, OR market, but the decline was less than the year-over-year decline in June. New home closings moved from 3 a year earlier to 1 after the figure moved from 4 in June 2015 to 1 in June 2016.
Last year, 3 of 149 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 113 total closings. For new and existing homes, closings declined in July after also declining in June year-over-year.
The average price of new homes rose to $272,400 from last year's $228,924. This was on the heels of a 42.0% fall in June from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes fell from 2,038 square feet a year earlier to 524 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 5.4% of closings, below 6.8% a year earlier. The percentage of existing home closings involving foreclosures stayed at 2.7% of closings in July from a year earlier while REO closings as a percentage of existing home closings fell to 2.7% from 4.1% a year earlier.