There was an increase in closings of new homes in the Stockton, CA market in April year-over-year, but there were signs the market may be leveling out with a percentage rise shallower than March 2016. New home closings saw a 38.6% rise from a year earlier to 97. This was after the housing market saw a 57.1% rise year-over-year in March.
A total of 1,442 new homes were sold during the 12 months that ended in April, up from 1,415 for the year that ended in March.
New home closings made up 12.1% of overall housing closings. This marks a rise from 8.6% of total closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
In April, there was a 7.9% lift year-over-year in the average price of newly sold homes, reaching $480,325 per unit. This boost is an improvement over the 5.8% surge in March year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In April 2016, average mortgage size jumped 13.0% from a year earlier to $376,484. Average mortgage size grew 2.8% in March 2016 from a year earlier.
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. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes went from 2,600 square feet in April 2015 to 2,585 square feet in April 2016. In March 2016, the average size of newly sold homes dropped 10.0% from the year earlier. The average size of newly sold homes moved from 2,630 square feet in March 2015 to 2,368 square feet in March 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. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.1% of closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.1% in April from 10.2% a year earlier and REO closings moved from 9.5% of existing home closings in April 2015 to 9.0% in April 2016.