New home closings slid year-over-year in February in the Eugene, OR market, but the decline was less than the year-over-year decline in January. New home closings moved from 7 a year earlier to 3 after the figure moved from 16 in January 2015 to 5 in January 2016.
A total of 141 new homes were sold during the 12 months that ended in February, down from 145 for the year that ended in January.
Last year, 7 of 308 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 404 total closings. Closings of new and existing homes grew year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $277,798, down from last year's $295,800. This was on the heels of a 11.0% surge in January year-over-year.
The average mortgage size moved to $215,662, down from last year's $244,401. Average mortgage size on new homes went from $209,409 in January 2015 to $240,551 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 1,724 square feet a year earlier to 2,039 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 20.0% of existing home closings, below 20.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.0% in February from 9.0% a year earlier while REO closings as a percentage of existing home closings sank to 10.0% from 11.6% a year earlier.