In the Medford, OR market, new home closings declined year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 12 a year earlier to 2 after the figure moved from 16 in August 2014 to 4 in August 2015.
A total of 75 new homes were sold during the 12 months that ended in September, down from 85 for the year that ended in August.
New home closings were 4.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 362 total closings. Following a year-over-year increase in August, closings of new and existing homes also rose year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $419,000 from $262,185 a year ago. This was on the heels of a 14.7% gain in August year-over-year.
From the year-ago figure of $191,587, the average mortgage size on new homes moved up to $393,815. Average mortgage size on new homes went from $242,730 in August 2014 to $233,337 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes rose from 1,936 square feet a year earlier to 1,974 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.9% of existing home closings, down from 18.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.4% in September from 10.7% a year earlier and REO closings moved from 8.1% of existing home closings in September 2014 to 7.5% in September 2015.