In the Santa Cruz, CA market, new home closings sank year-over-year in June, falling after remaining level in May from the year earlier. Closings stood at 0 in June after being 4 a year earlier and remaining unchanged at 1 in May from a year earlier.
New home closings represented none out of the 171 total closings, which is a smaller percentage than the 4 of 300 total closings a year earlier. Following a year-over-year decline in May, closings of new and existing homes also slid year-over-year in June.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 6.4% of existing home closings, up from 5.1% a year earlier. The percentage of existing home closings involving foreclosures went from 1.4% in June 2015 to 1.8% in June 2016 and REO closings moved from 3.7% of existing home closings in June 2015 to 4.7% in June 2016.