In the Eugene, OR market in July, new home closings slid year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 21 a year earlier to 12 after the figure moved from 15 in June 2014 to 11 in June 2015.
A total of 134 new homes were sold during the 12 months that ended in July, down from 143 for the year that ended in June.
Last year, 21 of 546 total closings were new homes, and this percentage saw a decline as new home closings this year made up 12 of the 704 total closings. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $330,355 from $312,239 a year ago. This was on the heels of a 9.4% rise in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $255,063 to $232,698. Average mortgage size on new homes went from $221,882 in June 2014 to $193,176 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 18.5% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.8% in July from 8.6% a year earlier while REO closings as a percentage of existing home closings gained to 8.7% from 5.0%.