In the Eugene, OR market, closings of new homes dropped year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 15 a year earlier to 4 after the figure moved from 16 in April 2015 to 5 in April 2016.
A total of 138 new homes were sold during the 12 months that ended in May, down from 149 for the year that ended in April.
New home closings were 2.7% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 574 total closings. Following a drop in April year-over-year, closings of new and existing homes gained year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $335,450, an increase from $281,005 a year earlier. This followed a 30.0% boost in April year-over-year.
Average mortgage size on new homes rose from $241,671 to $278,025. Average mortgage size on new homes went from $258,650 in April 2015 to $296,863 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.2% of closings, below 13.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.6% in May from 4.1% a year earlier while REO closings as a percentage of existing home closings fell to 4.6% from 9.6% a year earlier.