In the Medford, OR market in December, new home closings declined year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 16 a year earlier to 3 after the figure moved from 22 in November 2014 to 5 in November 2015.
A total of 150 new homes were sold during the 12 months that ended in December, down from 163 for the year that ended in November.
New home closings represented 3 out of the 287 total closings, which is a smaller percentage than the 16 of 311 total closings a year earlier. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $361,647 from $258,474 a year ago. This followed a 39.1% rise in November year-over-year.
Average mortgage size on new homes rose from $173,316 to $273,480. Average mortgage size on new homes went from $228,329 in November 2014 to $230,720 in November 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 December 2015.
The average unit size of newly sold homes rose from 1,692 square feet a year earlier to 2,081 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.7% of existing home closings, higher than 16.9% a year earlier. The percentage of existing home closings involving foreclosures went from 7.8% in December 2014 to 8.1% in December 2015 and REO closings as a percentage of existing home closings increased to 11.6% from 9.2%.