In the Bend, OR market, new home closings slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 73 a year earlier to 7 after the figure moved from 67 in April 2015 to 5 in April 2016.
A total of 221 new homes were sold during the 12 months that ended in May, down from 287 for the year that ended in April.
New home closings were 7 out of the 520 total closings, down on a percentage basis from 73 of 529 a year earlier. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $323,921, a move from $322,561 a year earlier. This was on the heels of a 3.4% gain in April year-over-year.
The average mortgage size on new homes was $295,031, up from $233,482. Average mortgage size on new homes went from $255,976 in April 2015 to $192,749 in April 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 fell from 1,961 square feet a year earlier to 1,273 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.6% of existing home closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.6% in May 2015 to 4.1% in May 2016 and REO closings as a percentage of existing home closings declined to 3.5% from 8.1% a year earlier.