In June, the Eugene, OR market saw a fall year-over-year in new home closings, falling after a rise in May 2016. New home closings moved from 19 a year earlier to 5 after the figure moved from 15 in May 2015 to 18 in May 2016.
A total of 138 new homes were sold during the 12 months that ended in June, down from 152 for the year that ended in May.
New home closings were 5 out of the 666 total closings, down on a percentage basis from 19 of 711 a year earlier. Following a year-over-year increase in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $360,374, an increase from $295,227 a year earlier. This followed a 1.1% hike in May year-over-year.
Average mortgage size on new homes went from $207,013 a year earlier to $346,668. In May 2016, average mortgage size grew 7.1% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes rose from 1,640 square feet a year earlier to 2,550 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 13.2% of existing home closings, up from 12.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.5% in June from 5.1% a year earlier and REO closings moved from 7.2% of existing home closings in June 2015 to 6.7% in June 2016.