The Medford, OR market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 18 a year earlier to 7 after the figure moved from 17 in February 2015 to 1 in February 2016.
A total of 125 new homes were sold during the 12 months that ended in March, down from 136 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 1.8% from 5.4% a year earlier. Closings of new and existing homes climbed year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $318,224, up from $282,863 a year earlier. This came after a 21.9% surge in February year-over-year.
Average mortgage size on new homes increased to $258,835 from $240,353 last year. Average mortgage size on new homes went from $229,748 in February 2015 to $297,900 in February 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 March 2016.
The average unit size of newly sold homes fell from 1,839 square feet a year earlier to 1,764 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings made up 27.1% of existing home closings, up from 23.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.8% in March from 10.7% a year earlier and REO closings moved from 12.3% of existing home closings in March 2015 to 13.3% in March 2016.