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.