Closings of new homes dropped year-over-year in April in the Santa Cruz, CA market, and the decline was similar to March 2016. New home closings moved from 4 a year earlier to 1 after the figure moved from 4 in March 2015 to 1 in March 2016.
New home closings were 1 out of the 170 total closings, a move on a percentage basis from 4 of 270 a year earlier. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $900,000 from last year's $773,000. This followed a 65.7% drop in March from a year earlier.
The average mortgage size moved to $490,000, down from last year's $574,141.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
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 accounted for 5.3% of closings, below 7.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.4% in April from 4.1% a year earlier and REO closings moved from 3.4% of existing home closings in April 2015 to 3.0% in April 2016.