There was a rise in closings of new homes in the Salinas, CA market in July year-over-year, and the increase was greater than June 2015. New home closings moved from 2 a year earlier to 21 after the figure moved from 3 in June 2014 to 14 in June 2015.
A total of 133 new homes were sold during the 12 months that ended in July, up from 114 for the year that ended in June.
New home closings were 21 out of 449 total closings, making up 4.7%. This is up on a percentage basis from 2 of 330 a year earlier. Closings of new and existing homes rose year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $456,310 from last year's $365,250. This was on the heels of a 7.4% boost in June year-over-year.
Average mortgage size on new homes increased to $356,280 from $315,952 last year. Average mortgage size on new homes went from $371,715 in June 2014 to $453,445 in June 2015.
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 2015.
The average unit size of newly sold homes rose from 1,575 square feet a year earlier to 2,126 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 10.0% of closings, below 15.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.0% in July from 8.5% a year earlier and REO closings moved from 7.0% of existing home closings in July 2014 to 6.1% in July 2015.