The Eugene, OR market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 18 a year earlier to 8 after the figure moved from 8 in February 2015 to 3 in February 2016.
A total of 160 new homes were sold during the 12 months that ended in March, down from 170 for the year that ended in February.
New home closings were 8 out of the 515 total closings, down on a percentage basis from 18 of 460 a year earlier. For new and existing homes, closings gained year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $259,781, down from $341,511 a year earlier. This came after a 5.1% drop in February from a year earlier.
The average mortgage size went down to $214,809 from $286,314 a year earlier. Average mortgage size on new homes went from $237,001 in February 2015 to $215,662 in February 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 March 2016.
The average unit size of newly sold homes rose from 2,260 square feet a year earlier to 2,960 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 18.5% of existing home closings, higher than 15.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.9% in March from 6.1% a year earlier and REO closings moved from 9.3% of existing home closings in March 2015 to 9.7% in March 2016.