In the Stockton, CA market, closings of new homes rose year-over-year in July, but as the percentage grew less than June 2015, the market seemed to show signs of leveling. New home closings saw a boost of 65.5% from the year earlier to 96. In comparison, new home closings in the same month last year saw a 85.5% rise year-over-year in June.
A total of 1,056 new homes were sold during the 12 months that ended in July, up from 1,018 for the year that ended in June.
Out of all housing closings, new home closings accounted for 9.5%. This is a lift from 6.6% of closings a year earlier. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 9.6% in July to $441,118 per unit. This lift is an improvement over the 3.8% gain in June year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. It rose 4.8% in July from a year earlier to $344,579. It went from $348,122 to $349,255 from June 2014 to June 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units rose from no part of closings in July 2014 to 4.2% of closings in July 2015. Meanwhile, single-family home closings as a percentage of all new home closings declined to 95.8% of closings from all of closings.
The average unit size of newly sold homes jumped 9.4% year-over-year to 2,471 square feet in July 2015. An increase in both the average size and price of newly sold homes was also seen in June 2015 when the average size gained 8.3% to 2,578 square feet. The average size of newly sold homes moved from 2,381 square feet in June 2014 to 2,578 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 12.4% of existing closings, lower than 24.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.9% in July from 10.3% a year earlier while REO closings as a percentage of existing home closings slid to 6.5% from 13.8% a year earlier.