In the Eugene, OR market, closings of new homes fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 16 a year earlier to 5 after the figure moved from 23 in December 2014 to 4 in December 2015.
A total of 145 new homes were sold during the 12 months that ended in January, down from 156 for the year that ended in December.
New home closings were 5.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 362 total closings. Closings of new and existing homes climbed year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $289,537 from last year's $260,848. This followed a 23.9% hike in December year-over-year.
Average mortgage size on new homes rose from $209,409 to $240,551. Average mortgage size on new homes went from $228,461 in December 2014 to $249,153 in December 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 January 2016.
The average unit size of newly sold homes rose from 1,693 square feet a year earlier to 1,771 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 21.3% of closings, below 23.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.4% in January from 11.5% a year earlier and REO closings moved from 11.8% of existing home closings in January 2015 to 10.9% in January 2016.