Sales of new homes sank year-over-year in November in the Medford, OR market, and the decline was by a larger percentage than the October 2011. New home sales moved from 19 a year earlier to 10 after the figure moved from 12 in October 2010 to nine in October 2011.
A total of 130 new homes were sold during the 12 months that ended in November, down from 139 for the year that ended in October.
New home sales accounted for 10 of the 253 total sales, a smaller percentage compared with 19 of 260 sales a year earlier. Following a year-over-year increase in October, sales of new and existing homes slipped year-over-year in November.
Pricing and Mortgage Trends
The average value of new homes sold in November 2011 declined to $208,704 from the year-earlier figure of $211,380. This followed a 21.9% bump in October year-over-year.
From the year-ago figure of $164,810, the average mortgage size on new homes moved up to $204,663. Average mortgage size on new homes went from $126,560 in October 2010 to $167,267 in October 2011. For new home sales, the percentage of the sale price that was being financed jumped 20.1 percentage points year-over-year to 98.1% in November 2011. This was another rise after October 2011 when there was a 6.3 percentage point rise from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for 18 of 19 last year. Meanwhile, attached units made up no part of new home sales after making up one of 19 sales a year earlier.
The average unit size of newly sold homes fell from 1,635 square feet a year earlier to 1,455 square feet.
Foreclosures and real estate owned (REO) sales fell in November from a year earlier, but remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 47.3% of sales, below 58.1% a year earlier. The percentage of existing home sales involving foreclosures rose to 25.9% in November from 23.2% a year earlier while REO sales as a percentage of existing home sales slid to 21.4% from 34.9% a year earlier.
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