In the Reno, NV market in December, closings of new homes fell year-over-year, a drop following an increase in November 2015. New home closings saw a 24.6% fall from a year earlier to 95. This came after a 7.2% jump year-over-year in November.
A total of 1,436 new homes were sold during the 12 months that ended in December, down from 1,467 for the year that ended in November.
New home closings represented 12.6% of overall housing closings. This is down from the a year earlier when new home closings represented 15.1% of total closings. Closings of new and existing homes sank year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in December to $403,816 per unit, a rise of 9.3%. This hike is better than the 2.0% boost in November year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. In December 2015, the average mortgage size was $311,320, a 7.1% hike from a year earlier. In November 2015, average mortgage size on newly sold homes saw a 1.3% gain year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units grew from 3.2% of closings in December 2014 to 14.7% of closings in December 2015. Meanwhile, single-family home closings as a percentage of all new home closings declined to 85.3% of closings from 96.8% of closings.
There was a 4.4% decline year-over-year in the average unit size of newly sold homes to 2,175 square feet in December 2015. For newly sold homes, an average size drop contrasting with an average price rise was also seen in November 2015 when the average size of newly sold homes declined 2.3% to 2,275 square feet. In November, the average size of new homes sold went from 2,328 square feet a year earlier to 2,275 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.4% of closings, below 18.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at 8.2% of closings in December from a year earlier while REO closings as a percentage of existing home closings dropped to 7.2% from 10.4% a year earlier.