In the Bend, OR market, new home closings sank year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 33 a year earlier to 8 after the figure moved from 75 in December 2014 to 9 in December 2015.
A total of 446 new homes were sold during the 12 months that ended in January, down from 471 for the year that ended in December.
New home closings were 8 out of the 283 total closings, down on a percentage basis from 33 of 297 a year earlier. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $406,049, up from $336,495 a year earlier. This came after a 45.1% bump in December year-over-year.
The average mortgage size on new homes was $295,483, up from $288,607. Average mortgage size on new homes went from $235,447 in December 2014 to $319,528 in December 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.
The average unit size of newly sold homes rose from 2,043 square feet a year earlier to 2,237 square feet.
Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 20.0% of existing home closings, up from 18.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.3% in January from 8.7% a year earlier while REO closings as a percentage of existing home closings declined to 8.7% from 10.2% a year earlier.