The Fresno, CA market saw a rise in new home closings in September year-over-year, but as the percentage rose less than August 2015, the market seemed to show signs of leveling. Closings gained 38.1% from a year earlier to 192. This followed a 42.4% jump year-over-year in August.
A total of 1,780 new homes were sold during the 12 months that ended in September, up from 1,727 for the year that ended in August.
Out of all housing closings, new home closings accounted for 16.4%. This is a gain from 14.3% of closings a year earlier. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value for new homes sold in September 2015 was $309,043, a move from $309,473 a year earlier. This followed a move from $324,516 per unit to $322,632 from August 2014 to August 2015.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. In September 2015, average mortgage size rose 11.7% from a year earlier to $282,032. In August 2015, average mortgage size jumped 4.3% 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 September 2015. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes dropped 5.1% year-over-year to 2,041 square feet in September 2015. In August, the average size of new homes sold went from 2,305 square feet a year earlier to 2,296 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 19.4% of existing closings, lower than 21.2% a year earlier. The percentage of existing home closings involving foreclosures went from 10.3% in September 2014 to 9.8% in September 2015 and REO closings as a percentage of existing home closings slid to 9.6% from 10.9% a year earlier.