In September, the Santa Cruz, CA market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in August. New home closings moved from 5 a year earlier to 3 after the figure moved from 5 in August 2014 to 1 in August 2015.

A total of 61 new homes were sold during the 12 months that ended in September, down from 63 for the year that ended in August.

New home closings were 3 out of the 260 total closings, a move on a percentage basis from 5 of 251 a year earlier. After dropping in August from a year earlier, closings of new and existing homes grew year-over-year in September.

Pricing and Mortgage Trends

The average per-unit price of new homes was $463,667, compared with $501,200 last year. This followed a 24.1% decline in August from a year earlier.

The average mortgage size went down to $362,469 from $395,800 a year earlier. Average mortgage size on new homes went from $460,244 in August 2014 to $328,700 in August 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.

Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 6.6% of existing home closings, up from 6.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.3% in September from 4.5% a year earlier while REO closings as a percentage of existing home closings jumped to 4.3% from 2.0%.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Santa Cruz, CA area.