In April, the Salem, OR market saw a decline 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.
Last year, 37 of 647 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 584 total closings. Following a year-over-year increase in March, closings of new and existing homes sank 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% rise 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. Average mortgage size rose 14.2% in March 2016 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 rise in April from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, 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.