New home closings declined year-over-year in September in the Portland, ME market, and the decline was by a larger percentage than the August 2015. New home closings moved from 2 a year earlier to 1 after the figure moved from 5 in August 2014 to 3 in August 2015.

A total of 63 new homes were sold during the 12 months that ended in September, down from 64 for the year that ended in August.

1 of the 388 total closings were new home closings, a shift on a percentage basis from 2 out of 271 a year earlier. For new and existing homes, closings rose year-over-year in September after also increasing in August year-over-year.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $209,000 from $120,970 a year ago. This followed a 72.0% decline in August from a year earlier.

The average mortgage size on new homes was $167,200, up from $96,776. Average mortgage size on new homes went from $249,560 in August 2014 to $57,800 in August 2015.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 10.1% of existing home closings, above 9.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.6% in September from 1.5% a year earlier and REO closings moved from 8.2% of existing home closings in September 2014 to 7.5% in September 2015.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Portland, ME area.