Prices of New Homes Rise in Bend, Sales Decrease According to Latest Data
Posted on: May 06, 2013 07:03:43 AM
In February, there was a decline year-over-year in new home closings in the Bend, OR market, swinging downward off a year-over-year gain in January 2013. New home closings saw a decline of 3.7% from the year earlier to 26 after closings increased 86.7% in January from the year earlier.
A total of 340 new homes were sold during the 12 months that ended in February, down from 341 for the year that ended in January.
New home closings made up 8.8% of overall housing closings. A year ago, 8.6% of total closings were new home closings. Following a year-over-year decline in January, closings of new and existing homes also slipped year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, there was a 10.7% hike year-over-year of average price in February, moving to $267,307. The lift is an upward shift from a 5.6% decline in January from a year earlier.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size was $230,919, up 14.0% from a year earlier. Average mortgage size fell 16.3% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed increased 2.5 percentage points year-over-year to 86.4% in February 2013. In January 2013, there was a 10.5 percentage point fall in January from a year earlier.
Prices of New Homes Rise in Bend, Sales Decrease According to Latest Data
Posted on: May 06, 2013 07:03:43 AM
In February, there was a decline year-over-year in new home closings in the Bend, OR market, swinging downward off a year-over-year gain in January 2013. New home closings saw a decline of 3.7% from the year earlier to 26 after closings increased 86.7% in January from the year earlier.
A total of 340 new homes were sold during the 12 months that ended in February, down from 341 for the year that ended in January.
New home closings made up 8.8% of overall housing closings. A year ago, 8.6% of total closings were new home closings. Following a year-over-year decline in January, closings of new and existing homes also slipped year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, there was a 10.7% hike year-over-year of average price in February, moving to $267,307. The lift is an upward shift from a 5.6% decline in January from a year earlier.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size was $230,919, up 14.0% from a year earlier. Average mortgage size fell 16.3% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed increased 2.5 percentage points year-over-year to 86.4% in February 2013. In January 2013, there was a 10.5 percentage point fall in January from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.1% of existing home closings, below 43.9% a year earlier. The percentage of existing home closings involving foreclosures dipped to 4.5% in February from 13.6% a year earlier while REO closings as a percentage of existing home closings dropped to 12.6% from 30.3% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Bend, OR area.
Source: Housing Intelligence