There was an increase in closings of new homes in the Fresno, CA market in September year-over-year, but the percentage hike was less than August 2015, suggesting the market may be leveling. New home closings saw a boost of 38.1% from the year earlier to 192. This was after the housing market saw a 42.4% climb year-over-year in August.
A total of 1,780 new homes were sold during the 12 months that ended in September, up from 1,727 for the year that ended in August.
Out of all housing closings, new home closings made up 16.4%. This marks a rise from 14.3% of total closings a year earlier. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value for new homes sold in September 2015 was $309,043, a move from $309,473 a year earlier. This was on the heels of a move from $324,516 per unit in August 2014 to $322,632 in August 2015.
The average mortgage size on newly sold homes jumped year-over-year in contrast to the average price of new homes. In September 2015, average mortgage size grew 11.7% from a year earlier to $282,032. In August 2015, average mortgage size on newly sold homes saw a 4.3% boost year-over-year 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 September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size dropped 5.1% year-over-year to 2,041 square feet in September 2015. The average size of newly sold homes moved from 2,305 square feet in August 2014 to 2,296 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 19.4% of existing closings, lower than 21.2% a year earlier. The percentage of existing home closings involving foreclosures went from 10.3% in September 2014 to 9.8% in September 2015 and REO closings as a percentage of existing home closings declined to 9.6% from 10.9% a year earlier.