In the Medford, OR market in June, new home closings dropped year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 23 a year earlier to 1 after the figure moved from 16 in May 2015 to 1 in May 2016.
A total of 74 new homes were sold during the 12 months that ended in June, down from 96 for the year that ended in May.
Last year, 23 of 506 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 446 total closings. Closings of new and existing homes declined year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $585,000, an increase from $319,244 a year earlier. This came after a 33.7% hike in May year-over-year.
The average mortgage size on new homes was $555,750, up from $234,019. Average mortgage size on new homes went from $216,490 in May 2015 to $308,800 in May 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 June 2016.
The average unit size of newly sold homes rose from 2,097 square feet a year earlier to 3,819 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 19.1% of existing home closings, above 13.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in June from 5.6% a year earlier and REO closings moved from 8.1% of existing home closings in June 2015 to 7.4% in June 2016.