The Fresno, CA market saw a rise in new home closings in January year-over-year, but the market seemed to be suggesting at evening out with a percentage rise less pronounced than December 2015. New home closings saw a 20.0% jump from a year earlier to 120. This came on the heels of a 30.6% jump year-over-year in December.
A total of 1,875 new homes were sold during the 12 months that ended in January, up from 1,855 for the year that ended in December.
New home closings made up 14.7% of overall housing closings. This is an increase on a percentage basis, as new home closings were 13.4% of total closings a year ago. Following a year-over-year increase in December, closings of new and existing homes also gained year-over-year in January.
Pricing and Mortgage Trends
In January, the average per-unit price of new homes declined by 13.2% year-over-year to $295,283. This drop compares to a 7.4% boost in December year-over-year.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. Average mortgage size declined by 10.1% from a year earlier, settling at $260,797 in January. In December 2015, average mortgage size grew 11.4% 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 January 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size slid 20.8% year-over-year to 1,734 square feet in January 2016. The average size of newly sold homes moved from 2,313 square feet in December 2014 to 2,551 square feet in December 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 22.0% of existing home closings, down from 27.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.5% in January from 14.8% a year earlier and REO closings moved from 12.8% of existing home closings in January 2015 to 13.5% in January 2016.