Closings of new homes gained year-over-year in February in the Stockton, CA market, but with an increase less steep than that of January 2016, the market seemed to be showing signs of stabilizing. There was a 22.4% boost in new home closings from a year earlier. This was after the housing market saw a 40.7% climb year-over-year in January.
A total of 1,359 new homes were sold during the 12 months that ended in February, up from 1,344 for the year that ended in January.
New home closings represented 12.6% of overall housing closings. This is a surge from 10.9% of closings a year earlier. Closings of new and existing homes climbed year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $464,304 in February, up 4.9% from last year. This hike compares to a 1.1% fall in January from a year earlier.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. In February 2016, the average mortgage size was $373,957, a 4.2% gain from a year earlier. In January 2016, average mortgage size on newly sold homes saw a 3.0% decline from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings grew from no part of all closings in February 2015 to 1.2% of closings in February 2016. Conversely, the share belonging to single-family homes dropped to 98.8% of closings from all of closings.
The average unit size of newly sold homes climbed 23.5% year-over-year to 3,321 square feet in February 2016. The average size of newly sold homes moved from 2,624 square feet in January 2015 to 2,979 square feet in January 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.7% of existing home closings, down from 22.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.4% in February from 7.1% a year earlier while REO closings as a percentage of existing home closings sank to 11.2% from 15.0% a year earlier.