In April, the Salem, OR market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 37 a year earlier to 10 after the figure moved from 38 in March 2015 to 22 in March 2016.
A total of 294 new homes were sold during the 12 months that ended in April, down from 321 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 5.7% a year earlier. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $303,550, up from $262,112 a year earlier. This came after a 15.6% hike in March year-over-year.
From the year-ago figure of $226,336, the average mortgage size on new homes moved up to $244,197. In March 2016, average mortgage size increased 14.2% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,890 square feet a year earlier to 2,126 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 25.6% of existing home closings, up from 19.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.1% in April from 7.5% a year earlier and REO closings moved from 11.6% of existing home closings in April 2015 to 12.5% in April 2016.