There was an increase in new home closings in the Fresno, CA market in December year-over-year, and the market showed suggestions of strengthening as the percentage lift turned out sharper than November 2015. New home closings saw a boost of 30.6% from the year earlier to 209. This was after the housing market saw a 24.4% boost year-over-year in November.
A total of 1,852 new homes were sold during the 12 months that ended in December, up from 1,803 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 18.4%. This is better than the 14.9% of closings a year earlier. For new and existing homes, closings climbed year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.4% bump year-over-year to $329,334 per unit in December. This surge is smaller than the 8.3% gain in November year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. Average mortgage size grew 11.4% to $297,162 in December from a year earlier. In November 2015, average mortgage size on newly sold homes saw a 3.8% gain 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 December 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a 10.3% boost year-over-year in the average unit size of newly sold homes to 2,551 square feet in December 2015. An increase was also seen in November 2015 when the average size of new homes sold jumped 9.7% to 2,448 square feet. In November, the average size of new homes sold went from 2,231 square feet a year earlier to 2,448 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 20.3% of existing closings, lower than 24.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.9% in December from 12.4% a year earlier and REO closings moved from 12.2% of existing home closings in December 2014 to 11.5% in December 2015.