The Bend, OR market saw a drop in new home closings year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 67 a year earlier to 5 after the figure moved from 64 in March 2015 to 12 in March 2016.
A total of 287 new homes were sold during the 12 months that ended in April, down from 349 for the year that ended in March.
New home closings were 12.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 5 of the 431 total closings. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $322,560, an increase from $311,877 a year earlier. This followed a 28.1% hike in March year-over-year.
There was a decline in average mortgage size on new homes, going from $255,976 last year to $192,749 in April 2016. Average mortgage size on new homes went from $252,404 in March 2015 to $272,093 in March 2016.
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 fell from 1,917 square feet a year earlier to 1,439 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 9.4% of existing home closings, down from 15.0% a year earlier. The percentage of existing home closings involving foreclosures went from 5.9% in April 2015 to 4.9% in April 2016 and REO closings as a percentage of existing home closings slid to 4.5% from 9.1% a year earlier.