New home closings in the Eugene, OR market declined year-over-year in December, declining after staying relatively stable in November from the year earlier. Closings stood at 3 in December after being 23 a year earlier and remaining unchanged at 7 in November from a year earlier.
A total of 157 new homes were sold during the 12 months that ended in December, down from 177 for the year that ended in November.
New home closings were 3 out of the 499 total closings, down on a percentage basis from 23 of 423 a year earlier. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $326,567 from last year's $262,755. This was on the heels of a 23.1% bump in November year-over-year.
The average mortgage size on new homes was $262,529, up from $228,461. Average mortgage size on new homes went from $261,042 in November 2014 to $268,166 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 2,028 square feet a year earlier to 1,839 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 21.8% of closings, below 22.8% a year earlier. The percentage of existing home closings involving foreclosures went from 12.2% in December 2014 to 12.7% in December 2015 and REO closings as a percentage of existing home closings dropped to 9.1% from 10.5% a year earlier.