In March, the Bend, OR market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in February. New home closings moved from 64 a year earlier to 12 after the figure moved from 46 in February 2015 to 1 in February 2016.
A total of 349 new homes were sold during the 12 months that ended in March, down from 401 for the year that ended in February.
New home closings represented 12 out of the 385 total closings, which is a smaller percentage than the 64 of 427 total closings a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $426,000, an increase from $332,570 a year earlier. This came after a 13.5% drop in February from a year earlier.
Average mortgage size on new homes went from $252,404 a year earlier to $272,093. Average mortgage size on new homes went from $237,467 in February 2015 to $209,960 in February 2016.
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 1,935 square feet a year earlier to 1,817 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 11.5% of existing home closings, below 12.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in March from 6.3% a year earlier and REO closings moved from 5.8% of existing home closings in March 2015 to 6.7% in March 2016.