Closings of new homes grew year-over-year in February in the Portland, ME market, rebounding from a year-over-year decline in January 2016. New home closings moved from 3 a year earlier to 5 after the figure moved from 7 in January 2015 to 3 in January 2016.

A total of 70 new homes were sold during the 12 months that ended in February, up from 68 for the year that ended in January.

5 of the 204 total closings were new home closings, a shift on a percentage basis from 3 out of 198 a year earlier. Following a drop in January year-over-year, closings of new and existing homes gained year-over-year in February.

Pricing and Mortgage Trends

The average new home value went from $227,018 last year to $399,950. This was on the heels of a 11.5% fall in January from a year earlier.

Average mortgage size on new homes rose from $181,614 to $319,960. Average mortgage size on new homes went from $248,157 in January 2015 to $210,372 in January 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.

Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 18.1% of existing home closings, higher than 14.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.0% in February from 4.1% a year earlier while REO closings as a percentage of existing home closings gained to 12.1% from 10.3%.

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