In the Santa Rosa, CA market in April, new home closings sank year-over-year, falling after remaining level in March from the year earlier. Closings stood at 1 in April after being 7 a year earlier and remaining unchanged at 5 in March from a year earlier.
A total of 107 new homes were sold during the 12 months that ended in April, down from 113 for the year that ended in March.
Last year, 7 of 526 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 459 total closings. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $515,000, compared with $583,071 last year. This came after a 7.6% drop in March from a year earlier.
Average mortgage size on new homes fell from $437,961 to $411,960. Average mortgage size on new homes went from $424,492 in March 2015 to $343,319 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 5.9% of existing home closings, down from 10.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.4% in April from 4.6% a year earlier while REO closings as a percentage of existing home closings dropped to 3.5% from 6.2% a year earlier.