In April, there was a drop year-over-year in new home closings in the Medford, OR market, and the decline was by a larger percentage than the March 2016. New home closings moved from 15 a year earlier to 1 after the figure moved from 18 in March 2015 to 7 in March 2016.
A total of 111 new homes were sold during the 12 months that ended in April, down from 125 for the year that ended in March.
New home closings were 1 out of the 346 total closings, down on a percentage basis from 15 of 378 a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $175,750, down from last year's $315,648. This came after a 12.5% rise in March year-over-year.
There was a decline in average mortgage size on new homes, going from $286,336 last year to $172,565 in April 2016. Average mortgage size on new homes went from $240,353 in March 2015 to $258,835 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 1,962 square feet a year earlier to 1,516 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.5% of existing home closings, down from 20.4% a year earlier. The percentage of existing home closings involving foreclosures went from 6.6% in April 2015 to 5.8% in April 2016 and REO closings as a percentage of existing home closings declined to 10.7% from 13.8% a year earlier.