There was an increase in closings of new homes in the Visalia, CA market in November year-over-year, moving upward off a drop in October 2015. There was a 43.2% jump in new home closings from a year earlier. This came on the heels of a 13.3% drop year-over-year in October.
A total of 870 new homes were sold during the 12 months that ended in November, up from 851 for the year that ended in October.
Out of all housing closings, new home closings accounted for 16.3%. This is a lift from 10.5% of closings a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $257,033 per unit in November, up 2.6%from a year earlier. This bump is smaller than the 5.2% lift in October year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It rose 4.4% in November from a year earlier to $240,130. In October 2015, average mortgage size gained 3.0% 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.
For all new homes sold, the average unit size rose 13.5% year-over-year to 2,358 square feet in November 2015. The average size of newly sold homes moved from 2,071 square feet in October 2014 to 1,440 square feet in October 2015.
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. Together, foreclosures plus REO closings accounted for 20.7% of existing home closings, down from 27.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.5% in November from 15.1% a year earlier while REO closings as a percentage of existing home closings sank to 9.3% from 12.2% a year earlier.