In the Fresno, CA market in September, closings of new homes grew year-over-year, but as the percentage rose less than August 2015, the market seemed to show signs of leveling. Closings increased 38.1% from a year earlier to 192. This came on the heels of a 42.4% climb year-over-year in August.
A total of 1,780 new homes were sold during the 12 months that ended in September, up from 1,727 for the year that ended in August.
Of 1,171 total closings, 192 were of new homes. This is better than the 14.3% of closings a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
From September 2014 to September 2015, the average price of newly sold homes went from $309,473 to $309,043. This followed a move from $324,516 per unit to $322,632 from August 2014 to August 2015.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In September 2015, the average mortgage size was $282,032, up 11.7% from a year earlier. In August 2015, average mortgage size gained 4.3% 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 September 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 5.1% year-over-year to 2,041 square feet in September 2015. In August, the average size of new homes sold went from 2,305 square feet a year earlier to 2,296 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.4% of existing home closings, down from 21.2% a year earlier. The percentage of existing home closings involving foreclosures went from 10.3% in September 2014 to 9.8% in September 2015 and REO closings as a percentage of existing home closings fell to 9.6% from 10.9% a year earlier.