New home closings fell year-over-year in April in the Salinas, CA market, dropping after a year-over-year increase in March 2016. New home closings moved from 12 a year earlier to 8 after the figure moved from 16 in March 2015 to 19 in March 2016.
A total of 251 new homes were sold during the 12 months that ended in April, down from 255 for the year that ended in March.
New home closings were 3.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 8 of the 319 total closings. After dropping in March from a year earlier, closings of new and existing homes increased year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $511,875, up from $383,375 a year earlier. This came after a 42.5% fall in March from a year earlier.
Average mortgage size on new homes rose from $337,871 to $344,370. Average mortgage size went from $411,147 in March 2015 to $412,763 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 12.2% of existing home closings, down from 15.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.1% in April from 8.5% a year earlier and REO closings moved from 6.5% of existing home closings in April 2015 to 7.1% in April 2016.