There was a rise in new home closings in the Portland, OR market in November year-over-year, but as the percentage climbed less than October 2015, the market seemed to show signs of leveling. New home closings saw a 10.1% hike from a year earlier to 304. This was after the housing market saw a 17.3% climb year-over-year in October.
A total of 4,121 new homes were sold during the 12 months that ended in November, up from 4,093 for the year that ended in October.
Out of all housing closings, new home closings represented 8.3%. As a part of the whole, new home closings were 8.7% a year earlier. Following a year-over-year increase in October, closings of new and existing homes also gained year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 15.9% in November to $412,671 per unit. This gain is higher than the 11.5% lift in October year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. Average mortgage size gained 12.7% to $330,279 in November from a year earlier. Average mortgage size increased 12.5% in October 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes climbed from 83.0% in November 2014 to 96.7% of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings slid to 3.3% of closings from 17.0% of closings.
The average unit size of newly sold homes jumped 5.6% year-over-year to 2,418 square feet in November 2015. In October, the average size of new homes sold went from 2,175 square feet a year earlier to 2,165 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 14.4% of existing home closings, below 15.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.7% in November from 8.1% a year earlier and REO closings moved from 7.6% of existing home closings in November 2014 to 7.7% in November 2015.