In June, there was a fall year-over-year in new home closings in the Bend, OR market, and the decline was by a larger percentage than the May 2016. New home closings moved from 54 a year earlier to 5 after the figure moved from 73 in May 2015 to 7 in May 2016.
A total of 172 new homes were sold during the 12 months that ended in June, down from 221 for the year that ended in May.
Last year, 54 of 600 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 533 total closings. Closings of new and existing homes declined year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $366,980, up from $355,446 a year earlier. This followed a move from $322,561 per unit to $323,921 from May 2015 to May 2016.
The average mortgage size went down to $167,750 from $259,500 a year earlier. Average mortgage size on new homes went from $233,482 in May 2015 to $295,031 in May 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 2,110 square feet a year earlier to 1,461 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 9.3% of existing home closings, up from 8.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.7% in June from 2.4% a year earlier while REO closings as a percentage of existing home closings sank to 3.6% from 6.2% a year earlier.