New home closings in the Santa Cruz, CA market sank year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 7 a year earlier to none after the figure moved from 9 in October 2014 to 1 in October 2015.
New home closings were 3.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 179 total closings. Following a year-over-year rise in October, closings of new and existing homes declined year-over-year in November.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 1,804 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 11.7% of existing home closings, below 12.0% a year earlier. The percentage of existing home closings involving foreclosures went from 7.1% in November 2014 to 6.1% in November 2015 and REO closings moved from 4.9% of existing home closings in November 2014 to 5.6% in November 2015.