In the Eugene, OR market, new home closings sank year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 17 a year earlier to 4 after the figure moved from 10 in August 2014 to 3 in August 2015.
A total of 122 new homes were sold during the 12 months that ended in September, down from 135 for the year that ended in August.
Last year, 17 of 443 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 575 total closings. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $321,300, up from $257,429 a year earlier. This came after a 15.2% rise in August year-over-year.
From the year-ago figure of $218,437, the average mortgage size on new homes moved up to $227,692. Average mortgage size on new homes went from $213,771 in August 2014 to $257,733 in August 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 September 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 15.8% of existing home closings, down from 17.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.4% in September from 9.2% a year earlier while REO closings as a percentage of existing home closings rose to 10.3% from 8.2%.