In the Portland, ME market, closings of new homes dropped year-over-year in April, dropping after a year-over-year increase in March 2016. New home closings moved from 5 a year earlier to 2 after the figure moved from 3 in March 2015 to 5 in March 2016.
A total of 70 new homes were sold during the 12 months that ended in April, down from 73 for the year that ended in March.
New home closings represented 2 out of the 295 total closings, which is a smaller percentage than the 5 of 291 total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes also jumped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $303,334, an increase from $208,106 a year earlier. This was on the heels of a 25.1% decline in March from a year earlier.
Average mortgage size on new homes increased to $266,251 from $180,076 last year. Average mortgage size on new homes went from $252,322 in March 2015 to $212,051 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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 7.8% of existing home closings, below 13.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.7% in April from 4.2% a year earlier while REO closings as a percentage of existing home closings declined to 6.1% from 9.4% a year earlier.