Closings of new homes in the Eugene, OR market dropped year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 10 a year earlier to 3 after the figure moved from 21 in July 2014 to 12 in July 2015.
A total of 130 new homes were sold during the 12 months that ended in August, down from 137 for the year that ended in July.
Last year, 10 of 525 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 637 total closings. Closings of new and existing homes gained year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $337,967 from $293,476 a year ago. This followed a 5.8% boost in July year-over-year.
Average mortgage size on new homes rose from $213,771 to $257,733. Average mortgage size on new homes went from $255,063 in July 2014 to $232,698 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.7% of closings, below 19.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.8% in August from 14.2% a year earlier while REO closings as a percentage of existing home closings climbed to 7.9% from 5.6%.