Closings of new homes grew year-over-year in July in the Fresno, CA market, but the percentage rise was less pronounced than June 2015, indicating the market may be evening out. New home closings saw a 10.7% rise from a year earlier to 165. This was after the housing market saw a 31.3% climb year-over-year in June.
A total of 1,615 new homes were sold during the 12 months that ended in July, up from 1,599 for the year that ended in June.
Out of all housing closings, new home closings represented 14.2%. As a part of the whole, new home closings were 13.8% a year earlier. Closings of new and existing homes grew year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 8.9% year-over-year in July to $314,703 per unit. This drop is a drop off from the 9.1% fall in June from a year earlier.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. Average mortgage size declined by 3.4% from a year earlier, settling at $282,532 in July. Average mortgage size dropped 13.0% in June 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes declined 2.0% year-over-year to 2,328 square feet in July 2015. The average size of newly sold homes moved from 2,247 square feet in June 2014 to 2,328 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 19.2% of existing closings, lower than 27.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.2% in July from 13.1% a year earlier while REO closings as a percentage of existing home closings slid to 9.9% from 14.0% a year earlier.