The Salinas, CA market saw a rise in new home closings in August year-over-year, but the increase was less than July 2015. New home closings moved from 4 a year earlier to 28 after the figure moved from 2 in July 2014 to 22 in July 2015.
A total of 165 new homes were sold during the 12 months that ended in August, up from 141 for the year that ended in July.
New home closings were 28 out of 332 total closings, making up 8.4%. This is up on a percentage basis from 4 of 314 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also rose year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $422,804, down from last year's $511,500. This was on the heels of a 24.7% gain in July year-over-year.
Average mortgage size on new homes fell from $450,578 to $280,951. Average mortgage size on new homes went from $315,952 in July 2014 to $360,059 in July 2015.
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 August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 12.5% of existing home closings, below 13.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.9% in August from 6.8% a year earlier and REO closings moved from 7.1% of existing home closings in August 2014 to 7.6% in August 2015.