New home closings in the Bend, OR market fell year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 10 a year earlier to 4 after the figure moved from 32 in August 2014 to 9 in August 2015.
A total of 97 new homes were sold during the 12 months that ended in September, down from 103 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 0.8% from 2.3% a year earlier. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $269,008, down from $292,936 a year earlier. This was on the heels of a 36.3% surge in August year-over-year.
The average mortgage size went down to $213,355 from $237,425 a year earlier. Average mortgage size on new homes went from $218,160 in August 2014 to $301,565 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,003 square feet a year earlier to 1,925 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 11.8% of existing home closings, down from 15.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.0% in September from 9.8% a year earlier and REO closings moved from 5.7% of existing home closings in September 2014 to 4.8% in September 2015.