In the Corvallis, OR market, new home closings fell year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 8 a year earlier to 1 after the figure moved from 8 in October 2014 to 4 in October 2015.
A total of 73 new homes were sold during the 12 months that ended in November, down from 80 for the year that ended in October.
New home closings represented 1 out of the 67 total closings, which is a smaller percentage than the 8 of 90 total closings a year earlier. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $211,076 last year to $267,895. This came after a 12.0% fall in October from a year earlier.
Average mortgage size on new homes increased to $214,316 from $192,860 last year. Average mortgage size on new homes went from $181,473 in October 2014 to $192,733 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 4.5% of existing home closings, above 2.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.0% in November from 1.2% a year earlier and REO closings moved from 1.2% of existing home closings in November 2014 to 1.5% in November 2015.