New home closings dropped year-over-year in June in the Corvallis, OR market, but the decline was less than the year-over-year decline in May. New home closings moved from 4 a year earlier to 1 after the figure moved from 17 in May 2015 to none in May 2016.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 142 total closings. For new and existing homes, closings dropped in June after also declining in May year-over-year.
The average new home price was $147,500, down from $254,439 a year earlier. This was on the heels of a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 3.5% of existing home closings, up from 2.7% a year earlier. The percentage of existing home closings involving foreclosures went from 0.7% in June 2015 to 1.4% in June 2016 and REO closings moved from 2.0% of existing home closings in June 2015 to 2.1% in June 2016.