New home closings dropped year-over-year in April in the Eugene, OR market, and the decline was by a larger percentage than the March 2016. New home closings moved from 16 a year earlier to 5 after the figure moved from 18 in March 2015 to 8 in March 2016.
A total of 149 new homes were sold during the 12 months that ended in April, down from 160 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.9% from 2.9% a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $385,440, an increase from $296,406 a year earlier. This came after a 23.9% fall in March from a year earlier.
Average mortgage size on new homes increased to $296,863 from $258,650 last year. Average mortgage size on new homes went from $286,314 in March 2015 to $214,809 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 19.5% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in April from 6.2% a year earlier while REO closings as a percentage of existing home closings rose to 10.1% from 7.3%.