In the Bend, OR market in June, closings of new homes declined year-over-year, 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.
New home closings represented 5 out of the 533 total closings, which is a smaller percentage than the 54 of 600 total closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also fell year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $366,980, an increase from $355,446 a year earlier. This was on the heels of a move from $322,561 per unit to $323,921 from May 2015 to May 2016.
The average mortgage size moved to $167,750, down from last year's $259,500. 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 increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 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 fell to 3.6% from 6.2% a year earlier.