New home closings in the Bend, OR market sank year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 53 a year earlier to 6 after the figure moved from 56 in June 2014 to 4 in June 2015.
A total of 121 new homes were sold during the 12 months that ended in July, down from 168 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 10.3% a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $248,600, down from $290,357 a year earlier. This followed a 26.0% drop in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $219,218 to $191,612. Average mortgage size on new homes went from $251,511 in June 2014 to $126,545 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,141 square feet a year earlier to 1,344 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 12.2% of existing closings, lower than 13.2% a year earlier. The percentage of existing home closings involving foreclosures went from 7.8% in July 2014 to 7.3% in July 2015 and REO closings moved from 5.4% of existing home closings in July 2014 to 5.0% in July 2015.