In September, the Bend, OR market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in August. New home closings moved from 10 a year earlier to 4 after the figure moved from 32 in August 2014 to 9 in August 2015.
A total of 97 new homes were sold during the 12 months that ended in September, down from 103 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 0.8% from 2.3% a year earlier. Following a year-over-year increase in August, closings of new and existing homes also grew year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $269,008, compared with $292,936 last year. This was on the heels of a 36.3% lift in August year-over-year.
The average mortgage size went down to $213,355 from $237,425 a year earlier. Average mortgage size on new homes went from $218,160 in August 2014 to $301,565 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 fell from 2,003 square feet a year earlier to 1,925 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, represented 11.8% of existing closings, lower than 15.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.0% in September from 9.8% a year earlier and REO closings moved from 5.7% of existing home closings in September 2014 to 4.8% in September 2015.