Closings of new homes in the Eugene, OR market declined year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 16 a year earlier to 5 after the figure moved from 18 in March 2015 to 8 in March 2016.
A total of 149 new homes were sold during the 12 months that ended in April, down from 160 for the year that ended in March.
New home closings were 2.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 529 total closings. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $385,440, an increase from $296,406 a year earlier. This was on the heels of a 23.9% fall in March from a year earlier.
Average mortgage size on new homes rose from $258,650 to $296,863. Average mortgage size on new homes went from $286,314 in March 2015 to $214,809 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.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.5% of existing home closings, higher than 13.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in April from 6.2% a year earlier while REO closings as a percentage of existing home closings rose to 10.1% from 7.3%.