In the Bend, OR market in November, new home closings fell year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 46 a year earlier to 13 after the figure moved from 50 in October 2014 to 12 in October 2015.
A total of 537 new homes were sold during the 12 months that ended in November, down from 570 for the year that ended in October.
Last year, 46 of 383 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 364 total closings. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $341,296, up from $325,122 a year earlier. This followed a 34.6% rise in October year-over-year.
Average mortgage size on new homes increased to $263,148 from $249,918 last year. Average mortgage size on new homes went from $249,465 in October 2014 to $340,156 in October 2015.
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.
The average unit size of newly sold homes rose from 1,879 square feet a year earlier to 1,907 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 15.7% of existing home closings, down from 16.9% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in November 2014 to 10.0% in November 2015 and REO closings as a percentage of existing home closings fell to 5.7% from 7.1% a year earlier.