Closings of new homes in the Santa Barbara, CA market slid year-over-year in January, a shift downward off a gain in December 2015. New home closings saw a 43.8% drop from a year earlier to 18. This came after a 4.9% hike year-over-year in December.
A total of 398 new homes were sold during the 12 months that ended in January, down from 412 for the year that ended in December.
New home closings represented 6.6% of overall housing closings. This is a fall 13.0% of closings a year earlier. Following a year-over-year increase in December, closings of new and existing homes also jumped year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes dropped year-over-year to $479,667 per unit, marking a 7.6% decline from the year-earlier figure. This drop compares to a 8.1% boost in December year-over-year.
Average mortgage size on new homes climbed year-over-year in contrast to new home prices. It jumped 12.5% in January from a year earlier to $380,000. In December 2015, average mortgage size on newly sold homes saw a 8.6% rise year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings gained from 56.2% of new closings in January 2015 to all of closings in January 2016. At the same time, the share of new home closings belonging to attached units sank to no part of closings from 43.8% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.1% of closings, below 13.6% a year earlier. The percentage of existing home closings involving foreclosures went from 3.7% in January 2015 to 4.3% in January 2016 and REO closings as a percentage of existing home closings fell to 6.7% from 9.8% a year earlier.