Closings of new homes dropped year-over-year in November in the San Luis Obispo, CA market, a move downward following a lift in October 2015. There was a 9.4% fall in new home closings from a year earlier. This came after a 64.7% boost year-over-year in October.
A total of 423 new homes were sold during the 12 months that ended in November, down from 426 for the year that ended in October.
New home closings represented 10.6% of overall housing closings. They accounted for 11.6% of closings a year earlier. Following a year-over-year rise in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 13.4% in November to $684,603 per unit. This boost compares to a 9.0% decline in October from a year earlier.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. In November 2015, there was a 9.3% decline in the average mortgage size on new homes to $366,097. In October 2015, average mortgage size jumped 5.6% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. Attached unit closings climbed from no part of all closings in November 2014 to 17.2% of closings in November 2015. Conversely, the share belonging to single-family homes slid to 82.8% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 3.7% of existing home closings, below 13.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.7% in November from 6.1% a year earlier while REO closings as a percentage of existing home closings sank to no part from 7.8% a year earlier.