New home closings dropped year-over-year in July in the Medford, OR market, but the decline was less than the year-over-year decline in June. New home closings moved from 17 a year earlier to 6 after the figure moved from 23 in June 2015 to 1 in June 2016.
A total of 63 new homes were sold during the 12 months that ended in July, down from 74 for the year that ended in June.
New home closings represented 6 out of the 391 total closings, which is a smaller percentage than the 17 of 443 total closings a year earlier. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $356,900, down from last year's $368,299. This followed a 83.2% gain in June year-over-year.
The average mortgage size moved to $245,951, down from last year's $308,695. Average mortgage size on new homes went from $234,019 in June 2015 to $555,750 in June 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 July 2016.
The average unit size of newly sold homes fell from 1,863 square feet a year earlier to 1,723 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.6% of existing closings, lower than 17.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.8% in July from 9.2% a year earlier while REO closings as a percentage of existing home closings rose to 9.9% from 8.7%.