New home closings in the San Luis Obispo, CA market were unchanged year-over-year in April, evening out after a bump in March from the year earlier. New home closings stayed level from a year earlier at 22. In the same month last year, closings rose 11.9%.
A total of 519 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
Out of all housing closings, new home closings accounted for 5.7%. This is down from the 7.1% of closings a year earlier. After dropping in March from a year earlier, closings of new and existing homes climbed year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 25.9% gain year-over-year in April to $658,300 per unit. This gain compares to a 15.6% fall in March from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In April 2016, the average mortgage size on newly sold homes saw a 5.0% hike from a year earlier. Average mortgage size fell 24.9% in March 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. Attached unit closings climbed from 18.2% of all closings in April 2015 to 36.4% of closings in April 2016. At the same time, the share belonging to single-family homes slid to 63.6% of closings from 81.8% of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 5.3% of closings, below 6.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.2% in April from 3.8% a year earlier while REO closings as a percentage of existing home closings stayed level at 3.0%.