In July, the Portland, ME market saw a decline year-over-year in new home closings, declining after staying relatively stable in June from the year earlier. Closings stood at 3 in July after being 4 a year earlier and remaining unchanged at 6 in June from a year earlier.
A total of 61 new homes were sold during the 12 months that ended in July, down from 62 for the year that ended in June.
3 of the 393 total closings were new home closings, a shift on a percentage basis from 4 out of 321 a year earlier. Closings of new and existing homes gained year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $227,200, down from last year's $356,255. This was on the heels of a 19.7% fall in June from a year earlier.
The average mortgage size went down to $181,760 from $285,004 a year earlier. Average mortgage size on new homes went from $253,566 in June 2014 to $212,733 in June 2015.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 10.3% of closings, below 12.3% a year earlier. The percentage of existing home closings involving foreclosures went from 3.8% in July 2014 to 2.8% in July 2015 and REO closings as a percentage of existing home closings declined to 7.4% from 8.5% a year earlier.