In November, there was an increase in closings of new homes in the Portland, ME market year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 1 a year earlier to 5 after the figure moved from 10 in October 2014 to 5 in October 2015.
A total of 62 new homes were sold during the 12 months that ended in November, up from 58 for the year that ended in October.
New home closings were 5 out of 268 total closings, making up 1.9%. This is up on a percentage basis from 1 of 219 a year earlier. For new and existing homes, closings grew year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $337,413 from $283,132 a year ago. This followed a 72.5% rise in October year-over-year.
The average mortgage size on new homes was $292,495, up from $280,230. Average mortgage size on new homes went from $152,130 in October 2014 to $248,950 in October 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Out of all existing home closings, foreclosures combined with REO closings accounted for 12.9% of closings. They made up 12.8% in November 2014. The percentage of existing home closings involving foreclosures went from 5.0% in November 2014 to 4.6% in November 2015 and REO closings moved from 7.8% of existing home closings in November 2014 to 8.4% in November 2015.