Closings of new homes slid year-over-year in January in the Modesto, CA market, but the decline was less than the year-over-year decline in December. New home closings moved from 12 a year earlier to 11 after the figure moved from 28 in December 2014 to 24 in December 2015.
A total of 252 new homes were sold during the 12 months that ended in January, down from 253 for the year that ended in December.
New home closings were 11 out of the 447 total closings, a move on a percentage basis from 12 of 438 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $298,691, compared with $324,458 last year. This followed a 5.0% fall in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $286,527 to $251,055. In December 2015, average mortgage size on newly sold homes saw a 10.4% drop from a year earlier.
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 continued to fall from a year earlier in January, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.7% of existing closings, lower than 27.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.8% in January from 14.1% a year earlier while REO closings as a percentage of existing home closings fell to 9.9% from 12.9% a year earlier.