In the Medford, OR market in April, new home closings fell year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 15 a year earlier to 1 after the figure moved from 18 in March 2015 to 7 in March 2016.
A total of 111 new homes were sold during the 12 months that ended in April, down from 125 for the year that ended in March.
New home closings were 1 out of the 346 total closings, down on a percentage basis from 15 of 378 a year earlier. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $175,750, compared with $315,648 last year. This was on the heels of a 12.5% bump in March year-over-year.
The average mortgage size went down to $172,565 from $286,336 a year earlier. Average mortgage size on new homes went from $240,353 in March 2015 to $258,835 in March 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 April 2016.
The average unit size of newly sold homes fell from 1,962 square feet a year earlier to 1,516 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 16.5% of existing closings, lower than 20.4% a year earlier. The percentage of existing home closings involving foreclosures went from 6.6% in April 2015 to 5.8% in April 2016 and REO closings as a percentage of existing home closings dropped to 10.7% from 13.8% a year earlier.