New home closings dropped year-over-year in March in the Santa Cruz, CA market, but the decline was less than the year-over-year decline in February. New home closings moved from 4 a year earlier to 1 after the figure moved from 8 in February 2015 to none in February 2016.
New home closings were 1.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 179 total closings. For new and existing homes, closings dropped in March after also declining in February year-over-year.
The average per-unit price of new homes was $250,000, compared with $728,750 last year. This came after a.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 9.0% of existing home closings, down from 9.3% a year earlier. The percentage of existing home closings involving foreclosures stayed at 3.9% of closings in March from a year earlier and REO closings moved from 5.4% of existing home closings in March 2015 to 5.1% in March 2016.