In July, there was a drop year-over-year in new home closings in the Bend, OR market, and the decline was by a larger percentage than the June 2016. New home closings moved from 47 a year earlier to 3 after the figure moved from 54 in June 2015 to 5 in June 2016.
A total of 128 new homes were sold during the 12 months that ended in July, down from 172 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 8.1% a year earlier. Closings of new and existing homes fell year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $302,681, down from $376,621 a year earlier. This was on the heels of a 3.2% gain in June year-over-year.
There was a decline in average mortgage size on new homes, going from $283,064 last year to $246,881 in July 2016. Average mortgage size on new homes went from $259,500 in June 2015 to $167,750 in June 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 1,992 square feet a year earlier to 1,375 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 8.1% of closings, below 12.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.6% in July from 7.2% a year earlier while REO closings as a percentage of existing home closings declined to 3.5% from 5.1% a year earlier.