The Medford, OR market saw a drop in new home closings year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 12 a year earlier to 2 after the figure moved from 16 in August 2014 to 4 in August 2015.
A total of 75 new homes were sold during the 12 months that ended in September, down from 85 for the year that ended in August.
New home closings were 2 out of the 362 total closings, down on a percentage basis from 12 of 284 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also jumped year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $419,000, an increase from $262,185 a year earlier. This was on the heels of a 14.7% boost in August year-over-year.
Average mortgage size on new homes went from $191,587 a year earlier to $393,815. Average mortgage size on new homes went from $242,730 in August 2014 to $233,337 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes rose from 1,936 square feet a year earlier to 1,974 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 16.9% of existing closings, lower than 18.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.4% in September from 10.7% a year earlier and REO closings moved from 8.1% of existing home closings in September 2014 to 7.5% in September 2015.