New home closings grew year-over-year in December in the Santa Rosa, CA market,. New home closings moved from 3 a year earlier to 8 after the figure moved from none in November 2014 to 3 in November 2015.
A total of 108 new homes were sold during the 12 months that ended in December, up from 103 for the year that ended in November.
New home closings were 8 out of the 495 total closings, a move on a percentage basis from 3 of 476 a year earlier. Closings of new and existing homes gained year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $529,075 from last year's $431,667. This followed a shift from no closings in November 2014 to an average price of $374,333 in November 2015.
Average mortgage size on new homes increased to $424,185 from $311,310 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 1,775 square feet a year earlier to 1,464 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 8.4% of existing home closings, below 10.8% a year earlier. The percentage of existing home closings involving foreclosures went from 5.3% in December 2014 to 4.5% in December 2015 and REO closings as a percentage of existing home closings sank to 3.9% from 5.5% a year earlier.