In the Eugene, OR market, new home closings slid year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 19 a year earlier to 6 after the figure moved from 19 in June 2015 to 5 in June 2016.
A total of 127 new homes were sold during the 12 months that ended in July, down from 140 for the year that ended in June.
New home closings represented 6 out of the 587 total closings, which is a smaller percentage than the 19 of 729 total closings a year earlier. Following a year-over-year decline in June, closings of new and existing homes also declined year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $347,810 from last year's $322,330. This came after a 22.1% hike in June year-over-year.
From the year-ago figure of $238,551, the average mortgage size on new homes moved up to $326,425. Average mortgage size on new homes went from $207,013 in June 2015 to $346,668 in June 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 July 2016.
The average unit size of newly sold homes fell from 2,372 square feet a year earlier to 2,062 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.6% of closings, below 19.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.4% in July from 10.8% a year earlier while REO closings as a percentage of existing home closings declined to 5.2% from 8.7% a year earlier.