In the Medford, OR market, closings of new homes sank year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 14 a year earlier to 6 after the figure moved from 34 in June 2014 to 2 in June 2015.
A total of 91 new homes were sold during the 12 months that ended in July, down from 99 for the year that ended in June.
New home closings were 6 out of the 422 total closings, down on a percentage basis from 14 of 351 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 price of new homes was $354,206, an increase from $290,449 a year earlier. This was on the heels of a more than twofold bump in June year-over-year.
Average mortgage size on new homes rose from $224,960 to $339,153. Average mortgage size on new homes went from $205,735 in June 2014 to $297,743 in June 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 July 2015.
The average unit size of newly sold homes fell from 1,686 square feet a year earlier to 1,460 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.3% of existing closings, lower than 19.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.7% in July from 10.4% a year earlier and REO closings moved from 9.2% of existing home closings in July 2014 to 8.7% in July 2015.