There was an increase in new home closings in the Fresno, CA market in November year-over-year, but signs of market leveling were showing as the percentage bump was less than October 2015. There was a 33.6% climb in new home closings from a year earlier. This came after a 48.5% climb year-over-year in October.
A total of 1,887 new homes were sold during the 12 months that ended in November, up from 1,843 for the year that ended in October.
Of 871 total closings, 175 were of new homes. This marks a rise from 16.3% of total closings a year earlier. Closings of new and existing homes climbed year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew 1.5% year-over-year to $292,093 per unit. This surge compares to a 6.4% drop in October from a year earlier.
In November 2015, average mortgage size on newly sold homes moved from $259,656 to $261,018 from November 2014. In October 2015, average mortgage size on newly sold homes saw a 6.4% rise year-over-year 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 November 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes jumped 14.2% year-over-year to 2,547 square feet in November 2015. The average size of newly sold homes moved from 2,194 square feet in October 2014 to 2,298 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 19.4% of existing closings, lower than 24.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.3% in November from 12.6% a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 11.7% a year earlier.