In March, closings of new homes in the Stockton, CA market increased year-over-year, and the market showed suggestions of strengthening as the percentage boost turned out sharper than February 2016. New home closings saw a 57.1% jump from a year earlier to 143. This came on the heels of a 22.4% rise year-over-year in February.
A total of 1,414 new homes were sold during the 12 months that ended in March, up from 1,362 for the year that ended in February.
Of 900 total closings, 143 were of new homes. This marks a rise from 11.2% of total closings a year earlier. For new and existing homes, closings increased year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $478,003 in March, up 5.8% from last year. This boost is better than the 4.9% gain in February year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. In March 2016, the average mortgage size was $379,824, up 2.8% from a year earlier. Average mortgage size grew 4.2% in February 2016 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 fallen. Attached unit closings climbed from no part of all closings in March 2015 to 7.7% of closings in March 2016. Conversely, the share belonging to single-family homes fell to 92.3% of closings from all of closings.
The average unit size of newly sold homes declined 10.0% year-over-year to 2,368 square feet in March 2016. The average size of newly sold homes moved from 2,690 square feet in February 2015 to 3,321 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.6% of existing home closings, below 22.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.0% in March from 9.1% a year earlier while REO closings as a percentage of existing home closings slid to 10.6% from 13.7% a year earlier.