In June, there was a fall year-over-year in new home closings in the Santa Cruz, CA market, declining after staying relatively stable in May from the year earlier. Closings stood at 0 in June after being 4 a year earlier and remaining unchanged at 1 in May from a year earlier.
New home closings were none out of the 171 total closings, down on a percentage basis from 4 of 300 a year earlier. Closings of new and existing homes slid year-over-year in June after also falling in May year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 6.4% of existing home closings, above 5.1% a year earlier. The percentage of existing home closings involving foreclosures went from 1.4% in June 2015 to 1.8% in June 2016 and REO closings moved from 3.7% of existing home closings in June 2015 to 4.7% in June 2016.