New Home Sales and Prices Decrease in Medford According to Latest Data
Posted on: Aug 08, 2014 11:35:26 AM
New home closings in the Medford, OR market dropped year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 3 after the figure moved from 4 in April 2013 to 1 in April 2014.
New home closings represented 3 out of the 321 total closings, which is a smaller percentage than the 7 of 320 total closings a year earlier. Closings of new and existing homes remained steady in May after rising in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $217,333, compared with $296,805 last year. This came after a 5.8% hike in April year-over-year.
There was a decline in average mortgage size on new homes, going from $251,492 last year to $182,867 in May 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.