There was a rise in closings of new homes in the Vallejo, CA market in July year-over-year, but with an increase less steep than that of June 2016, the market seemed to be showing signs of evening out. New home closings saw a rise of 5.5% from the year earlier to 77. This came after a 10.3% boost year-over-year in June.
A total of 946 new homes were sold during the 12 months that ended in July, up from 942 for the year that ended in June.
Of 629 total closings, 77 were of new homes. This is an increase on a percentage basis, as new home closings were 10.2% of total closings a year ago. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 13.5% in July to $490,319 per unit. This gain is smaller than the 13.6% boost in June year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In July 2016, the average mortgage size was $409,360, up 13.0% from a year earlier. Average mortgage size jumped 11.8% in June 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings increased from no part of all closings in July 2015 to 2.6% of closings in July 2016. Conversely, the share belonging to single-family homes declined to 97.4% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 15.0% of closings, below 16.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.5% in July from 7.3% a year earlier while REO closings as a percentage of existing home closings fell to 6.5% from 9.5% a year earlier.