There was an increase in closings of new homes in the Stockton, CA market in November year-over-year, but there were signs of market leveling as the percentage gain was less than October 2015. There was a 33.7% jump in new home closings from a year earlier. This came after a 51.1% boost year-over-year in October.
A total of 1,254 new homes were sold during the 12 months that ended in November, up from 1,224 for the year that ended in October.
New home closings accounted for 18.6% of overall housing closings. This is a lift from 12.7% of closings a year earlier. After rising year-over-year in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
In November, there was a 4.6% rise year-over-year in the average price of newly sold homes, reaching $444,151 per unit. This lift is smaller than the 5.9% hike in October year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. It rose to $364,802 in November, a 3.3% gain. Average mortgage size gained 5.0% in October 2015 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 November 2014 to 2.5% of closings in November 2015. Conversely, the share belonging to single-family homes slid to 97.5% of closings from all of closings.
There was a 13.5% surge year-over-year in the average unit size of newly sold homes to 2,773 square feet in November 2015. The average size of newly sold homes moved from 2,503 square feet in October 2014 to 2,468 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 17.7% of existing home closings, down from 20.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.0% in November from 10.1% a year earlier while REO closings as a percentage of existing home closings sank to 8.7% from 9.8% a year earlier.