New home closings in the Bakersfield, CA market slid year-over-year in November, moving downward after a gain in October 2015. There was a 6.7% drop in new home closings from a year earlier. This came on the heels of a 8.4% jump year-over-year in October.
A total of 1,777 new homes were sold during the 12 months that ended in November, down from 1,786 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 14.2% of overall housing closings. New home closings were 14.1% of overall closings last year. After rising year-over-year in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
For newly sold homes, the average price jumped 15.7% year-over-year in November to $315,799 per unit. This hike compares to a 4.8% fall in October from a year earlier.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In November 2015, the average mortgage size was $274,522, up 8.0% from a year earlier. Average mortgage size fell 1.9% in October 2015 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 November 2015. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes gained 17.6% year-over-year to 2,539 square feet in November 2015. In October, the average size of new homes sold went from 2,151 square feet a year earlier to 2,196 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.7% of existing closings, lower than 24.1% a year earlier. The percentage of existing home closings involving foreclosures went from 10.7% in November 2014 to 11.5% in November 2015 and REO closings as a percentage of existing home closings sank to 9.2% from 13.5% a year earlier.