In the Bend, OR market in August, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in July. New home closings moved from 32 a year earlier to 9 after the figure moved from 53 in July 2014 to 6 in July 2015.
A total of 102 new homes were sold during the 12 months that ended in August, down from 125 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 1.8% from 6.8% a year earlier. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $265,653 last year to $362,094. This came after a 14.4% fall in July from a year earlier.
From the year-ago figure of $218,160, the average mortgage size on new homes moved up to $301,565. Average mortgage size on new homes went from $219,218 in July 2014 to $191,612 in July 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 August 2015.
The average unit size of newly sold homes fell from 1,954 square feet a year earlier to 1,834 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 11.6% of existing closings, lower than 13.3% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in August 2014 to 6.0% in August 2015 and REO closings as a percentage of existing home closings slid to 5.6% from 7.1% a year earlier.