In the Santa Rosa, CA market, closings of new homes fell year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 11 a year earlier to 3 after the figure moved from 16 in June 2015 to 1 in June 2016.
A total of 82 new homes were sold during the 12 months that ended in July, down from 90 for the year that ended in June.
New home closings represented 3 out of the 531 total closings, which is a smaller percentage than the 11 of 679 total closings a year earlier. Following a year-over-year decline in June, closings of new and existing homes also declined year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $572,318, an increase from $498,727 a year earlier. This was on the heels of a more than twofold boost in June year-over-year.
The average mortgage size on new homes was $490,444, up from $371,939. Average mortgage size on new homes went from $401,912 in June 2015 to $1,079,100.00 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes fell from 1,423 square feet a year earlier to 1,359 square feet.
Together, foreclosures plus REO closings represented 6.1% of existing home closings. They accounted for 6.0% in July 2015. The percentage of existing home closings involving foreclosures went from 2.2% in July 2015 to 2.7% in July 2016 and REO closings moved from 3.7% of existing home closings in July 2015 to 3.4% in July 2016.