In July, the Santa Cruz, CA market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 27 a year earlier to 6 after the figure moved from 10 in June 2014 to 2 in June 2015.
A total of 67 new homes were sold during the 12 months that ended in July, down from 88 for the year that ended in June.
New home closings represented 6 out of the 307 total closings, which is a smaller percentage than the 27 of 288 total closings a year earlier. Closings of new and existing homes gained year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $538,000, up from $466,781 a year earlier. This was on the heels of a 32.8% bump in June year-over-year.
The average mortgage size on new homes was $414,985, up from $289,549. Average mortgage size on new homes went from $468,544 in June 2014 to $626,960 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,261 square feet a year earlier to 704 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 7.3% of existing home closings, below 8.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.4% in July 2014 to 3.0% in July 2015 and REO closings moved from 5.0% of existing home closings in July 2014 to 4.3% in July 2015.