The Medford, OR market saw a drop in new home closings year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 16 a year earlier to 4 after the figure moved from 14 in July 2014 to 6 in July 2015.
A total of 80 new homes were sold during the 12 months that ended in August, down from 92 for the year that ended in July.
New home closings were 4.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 413 total closings. Closings of new and existing homes climbed year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $317,225, an increase from $276,671 a year earlier. This followed a 22.0% boost in July year-over-year.
The average mortgage size went down to $233,337 from $242,730 a year earlier. Average mortgage size on new homes went from $224,960 in July 2014 to $339,153 in July 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 August 2015.
The average unit size of newly sold homes fell from 1,670 square feet a year earlier to 890 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 19.6% of existing home closings, higher than 15.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in August from 7.8% a year earlier while REO closings as a percentage of existing home closings grew to 8.6% from 7.5%.