In the Fresno, CA market, new home closings grew year-over-year in August, and the market seemed to be suggesting bolstering with a percentage bump stronger than July 2015. There was a 43.5% hike in new home closings from a year earlier. This followed a 12.1% rise year-over-year in July.
A total of 1,701 new homes were sold during the 12 months that ended in August, up from 1,647 for the year that ended in July.
Out of all housing closings, new home closings represented 16.0%. This is better than the 12.5% of closings a year earlier. For new and existing homes, closings increased year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $322,632 in August 2015 from $325,073 in August 2014. This came after a 8.8% decline in July from a year earlier.
There was a lift year-over-year in the average mortgage size on new homes in contrast to new home prices. The average mortgage size saw a 4.3% surge year-over-year to $275,280 in August. In July 2015, average mortgage size on newly sold homes saw a 3.4% drop from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from all of new home closings to 99.4% of closings while attached units have gone from no part of closings to 0.6% of closings.
There was a move in the average unit size of newly sold homes from 2,312 square feet in August 2014 to 2,296 square feet in August 2015. In July 2015, the average size of newly sold homes sank 2.0% from the year earlier. In July, the average size of new homes sold went from 2,376 square feet a year earlier to 2,328 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 16.6% of existing closings, lower than 21.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.0% in August from 11.2% a year earlier while REO closings as a percentage of existing home closings declined to 8.6% from 10.7% a year earlier.