There was an increase in new home closings in the Santa Barbara, CA market in December year-over-year, moving north after a decline in November 2015. New home closings saw a hike of 2.4% from the year earlier to 42. This was after the housing market saw a 12.5% fall year-over-year in November.
A total of 408 new homes were sold during the 12 months that ended in December, up from 407 for the year that ended in November.
Out of all housing closings, new home closings represented 12.4%. A year ago, 13.2% of total closings were new home closings. After dropping in November from a year earlier, closings of new and existing homes rose year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.0% rise year-over-year in December to $533,262 per unit. This lift compares to a 5.3% drop in November from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In December 2015, the average mortgage size on newly sold homes saw a 10.3% hike from a year earlier. Average mortgage size went from $385,771 in November 2014 to $385,140 in November 2015.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. Attached unit closings jumped from 14.6% of all closings in December 2014 to 16.7% of closings in December 2015. At the same time, the share belonging to single-family homes sank to 83.3% of closings from 85.4% of closings.
Foreclosures and real estate owned (REO) closings continued to decline 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 10.1% of existing closings, lower than 11.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.7% in December from 6.3% a year earlier and REO closings moved from 5.6% of existing home closings in December 2014 to 5.4% in December 2015.