Latest Numbers Show New Home Closings Climb in Medford, Prices Decline
Posted on: May 06, 2013 07:23:11 AM
Closings of new homes in the Medford, OR market increased year-over-year in February, rebounding from a year-over-year decline in January 2013. New home closings moved from five a year earlier to 12 after the figure moved from 13 in January 2012 to six in January 2013.
A total of 136 new homes were sold during the 12 months that ended in February, up from 129 for the year that ended in January.
New home closings were 12 out of 186 total closings, making up 6.5%. This is up on a percentage basis from five of 248 a year earlier. For new and existing homes, closings sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $201,106 in February 2013, moving south from $263,793 a year earlier. This was on the heels of a 39.7% hike in January year-over-year.
There was a decline in average mortgage size on new homes, going from $246,825 last year to $200,234 in February 2013. Average mortgage size on new homes went from $183,532 in January 2012 to $175,043 in January 2013.