New Home Sales and Prices Fall in Bend According to Freshest Data
Posted on: Aug 08, 2014 11:09:40 AM
In May, there was a drop year-over-year in new home closings in the Bend, OR market, and the decline was by a larger percentage than the April 2014. New home closings moved from 23 a year earlier to 3 after the figure moved from 17 in April 2013 to 3 in April 2014.
New home closings were 4.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 407 total closings. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $294,413, down from $334,703 a year earlier. This was on the heels of a 19.9% drop in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $257,665 last year to $213,447 in May 2014. Average mortgage size on new homes went from $226,313 in April 2013 to $234,172 in April 2014.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.