In the Modesto, CA market, new home closings fell year-over-year in November, a decline following a rise in October 2015. New home closings moved from 25 a year earlier to 13 after the figure moved from 15 in October 2014 to 27 in October 2015.
A total of 254 new homes were sold during the 12 months that ended in November, down from 266 for the year that ended in October.
New home closings were 13 out of the 470 total closings, down on a percentage basis from 25 of 453 a year earlier. Closings of new and existing homes jumped year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $286,973, down from last year's $321,136. This came after a 10.3% fall in October from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $261,690 to $253,542. In October 2015, average mortgage size on newly sold homes saw a 6.2% decline from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,083 square feet a year earlier to 1,933 square feet.
Combined, foreclosures plus REO closings accounted for 19.9% of existing home closings. They accounted for 19.9% in November 2014. The percentage of existing home closings involving foreclosures went from 8.2% in November 2014 to 8.8% in November 2015 and REO closings moved from 11.7% of existing home closings in November 2014 to 11.2% in November 2015.