In the Portland, ME market in June, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 7 a year earlier to 4 after the figure moved from 16 in May 2015 to 6 in May 2016.
A total of 60 new homes were sold during the 12 months that ended in June, down from 63 for the year that ended in May.
4 of the 447 total closings were new home closings, a shift on a percentage basis from 7 out of 469 a year earlier. Following a year-over-year rise in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $445,744 from last year's $264,476. This came after a 12.7% hike in May year-over-year.
From the year-ago figure of $225,328, the average mortgage size on new homes moved up to $356,595. Average mortgage size on new homes went from $228,756 in May 2015 to $254,896 in May 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.
The average unit size of newly sold homes rose from 1,343 square feet a year earlier to 2,034 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 5.4% of existing home closings, down from 10.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.1% in June from 3.7% a year earlier while REO closings as a percentage of existing home closings declined to 4.3% from 7.1% a year earlier.