In February, there was a drop year-over-year in new home closings in the Bend, OR market, and the decline was by a larger percentage than the January 2016. New home closings moved from 46 a year earlier to 1 after the figure moved from 33 in January 2015 to 8 in January 2016.
A total of 401 new homes were sold during the 12 months that ended in February, down from 446 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 0.3% from 14.4% a year earlier. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $279,947, compared with $323,818 last year. This was on the heels of a 20.7% gain in January year-over-year.
The average mortgage size moved to $209,960, down from last year's $237,467. Average mortgage size on new homes went from $288,607 in January 2015 to $295,483 in January 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,899 square feet a year earlier to 1,373 square feet.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 15.3% of existing home closings, up from 14.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.1% in February from 7.3% a year earlier while REO closings as a percentage of existing home closings grew to 9.2% from 7.3%.