Closings of new homes in the Portland, ME market declined year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 2 a year earlier to 1 after the figure moved from 5 in August 2014 to 3 in August 2015.
A total of 63 new homes were sold during the 12 months that ended in September, down from 64 for the year that ended in August.
New home closings were 1 out of the 388 total closings, a move on a percentage basis from 2 of 271 a year earlier. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $209,000 from last year's $120,970. This came after a 72.0% fall in August from a year earlier.
Average mortgage size on new homes increased to $167,200 from $96,776 last year. Average mortgage size on new homes went from $249,560 in August 2014 to $57,800 in August 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 increased in September from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 10.1% of existing home closings, above 9.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.6% in September from 1.5% a year earlier and REO closings moved from 8.2% of existing home closings in September 2014 to 7.5% in September 2015.