In the Eugene, OR market in November, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 7 a year earlier to 6 after the figure moved from 22 in October 2014 to 11 in October 2015.
A total of 176 new homes were sold during the 12 months that ended in November, down from 177 for the year that ended in October.
New home closings were 6 out of the 403 total closings, a move on a percentage basis from 7 of 366 a year earlier. Closings of new and existing homes jumped year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $377,475, up from $289,525 a year earlier. This followed a period of stability in October from a year earlier.
Average mortgage size on new homes increased to $283,233 from $261,042 last year. Average mortgage size on new homes went from $268,394 in October 2014 to $254,068 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.
The average unit size of newly sold homes rose from 1,833 square feet a year earlier to 2,713 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 17.4% of existing closings, lower than 17.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.3% in November from 11.1% a year earlier while REO closings as a percentage of existing home closings climbed to 10.1% from 6.4%.