In the Medford, OR market in January, new home closings slid year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 13 a year earlier to 5 after the figure moved from 16 in December 2014 to 4 in December 2015.
A total of 152 new homes were sold during the 12 months that ended in January, down from 160 for the year that ended in December.
New home closings were 5 out of the 238 total closings, down on a percentage basis from 13 of 256 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also dropped year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $423,500 from last year's $351,071. This was on the heels of a 42.2% bump in December year-over-year.
Average mortgage size on new homes increased to $323,972 from $311,500 last year. Average mortgage size on new homes went from $173,316 in December 2014 to $283,987 in December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,033 square feet a year earlier to 2,315 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 16.3% of closings, below 24.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.2% in January from 13.2% a year earlier while REO closings as a percentage of existing home closings dropped to 8.2% from 11.1% a year earlier.