Latest Numbers Show Prices of New Homes Rise in Portland, Sales Decline
Posted on: Aug 08, 2014 11:43:03 AM
New home closings sank year-over-year in May in the Portland, OR market, and the percentage fall was steeper than April 2014, giving suggestion the market may be worsening. New home closings saw a 22.3% decline from a year earlier to 160. This followed a 21.5% fall year-over-year in April.
A total of 1,886 new homes were sold during the 12 months that ended in May, down from 1,932 for the year that ended in April.
Of the total number of closings, new home closings made up 4.3%. As a part of the whole, new home closings were 5.1% a year earlier. Following a year-over-year decline in April, closings of new and existing homes also dropped year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $366,363 in May, up 14.5% from last year. This surge compares to a 3.6% decline in April from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size dropped by 10.0% from a year earlier, settling at $238,588 in May. In April 2014, average mortgage size on newly sold homes saw a 5.3% decline from a year earlier.