In the Santa Rosa, CA market, new home closings fell year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 16 a year earlier to 1 after the figure moved from 10 in May 2015 to 6 in May 2016.
A total of 88 new homes were sold during the 12 months that ended in June, down from 103 for the year that ended in May.
New home closings were 1 out of the 555 total closings, down on a percentage basis from 16 of 628 a year earlier. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $1,199,000.00, up from $483,975 a year earlier. This came after a 2.7% boost in May year-over-year.
From the year-ago figure of $401,912, the average mortgage size on new homes moved up to $1,079,100.00. Average mortgage size on new homes went from $431,785 in May 2015 to $361,502 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 6.3% of existing home closings, above 5.7% a year earlier. The percentage of existing home closings involving foreclosures went from 2.6% in June 2015 to 2.3% in June 2016 and REO closings moved from 3.1% of existing home closings in June 2015 to 4.0% in June 2016.