The Santa Rosa, CA market saw an increase in closings of new homes in January year-over-year, but the increase was less than December 2015. New home closings moved from 6 a year earlier to 8 after the figure moved from 3 in December 2014 to 8 in December 2015.
A total of 110 new homes were sold during the 12 months that ended in January, up from 108 for the year that ended in December.
8 of the 341 total closings were new home closings, a shift on a percentage basis from 6 out of 308 a year earlier. For new and existing homes, closings gained year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $572,563 from $486,583 a year ago. This came after a 22.6% lift in December year-over-year.
The average mortgage size moved to $398,164, down from last year's $415,580. Average mortgage size on new homes went from $311,310 in December 2014 to $424,185 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 7.8% of closings, below 16.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.6% in January from 8.6% a year earlier while REO closings as a percentage of existing home closings slid to 4.2% from 7.9% a year earlier.