New home closings grew year-over-year in November in the Fresno, CA market, but the percentage rise, which was less than October 2015, seemed to suggest market leveling. New home closings saw a climb of 33.6% from the year earlier to 175. This came on the heels of a 48.5% hike 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.
Out of all housing closings, new home closings made up 20.1%. This is a gain from 16.3% of closings a year earlier. For new and existing homes, closings climbed year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $292,093 in November, up 1.5% from last year. This gain compares to a 6.4% drop in October from a year earlier.
For newly sold homes, average mortgage size moved from $259,656 in November 2014 to $261,018 in November 2015. 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 represented all of new home closings while attached unit closings have accounted for no part of closings.
There was a 14.2% bump year-over-year in the average unit size of newly sold homes 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 fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 19.4% of existing home closings, below 24.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.3% in November from 12.6% a year earlier while REO closings as a percentage of existing home closings fell to 9.1% from 11.7% a year earlier.