In the Portland, OR market, new home closings rose year-over-year in September, snapping back from a decline in August 2015. There was a 33.9% hike in new home closings from a year earlier. This was after the housing market saw a 11.3% drop year-over-year in August.
A total of 3,903 new homes were sold during the 12 months that ended in September, up from 3,810 for the year that ended in August.
Out of all housing closings, new home closings represented 7.6%. New home closings were 7.0% of overall closings last year. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $382,055 in September, up 4.5% from last year. This bump is smaller than the 11.1% boost in August year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size increased 2.8% to $311,498 in September from a year earlier. In August 2015, average mortgage size jumped 9.6% from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings increased from 11.7% of all closings in September 2014 to 12.8% of closings in September 2015. At the same time, the share belonging to single-family homes slid to 87.2% of closings from 88.3% of closings.
The average unit size of newly sold homes declined 2.2% year-over-year to 2,235 square feet in September 2015. In August, the average size of new homes sold went from 2,286 square feet a year earlier to 2,338 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.5% of existing closings, lower than 16.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.5% in September from 9.5% a year earlier and REO closings moved from 7.2% of existing home closings in September 2014 to 7.0% in September 2015.