In September, closings of new homes in the Stockton, CA market jumped year-over-year, but the market seemed to be suggesting at stabilizing with a percentage lift less pronounced than August 2015. New home closings saw a jump of 48.2% from the year earlier to 126. This was after the housing market saw a 49.3% climb year-over-year in August.
A total of 1,178 new homes were sold during the 12 months that ended in September, up from 1,137 for the year that ended in August.
As a percentage of overall housing closings, new home closings represented 12.7%. This is a surge from 10.8% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.7% boost year-over-year in September to $434,782 per unit. This boost is an improvement over the 1.7% lift in August year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In September 2015, there was a 4.3% hike in the average mortgage size, reaching $355,249. Average mortgage size grew 4.3% in August 2015 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from all of new home closings to 99.2% of closings while attached units have gone from no part of closings to 0.8% of closings.
There was a 8.7% drop year-over-year in the average unit size of newly sold homes to 2,265 square feet in September 2015. In August, the average size of new homes sold went from 2,489 square feet a year earlier to 2,640 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.1% of closings, below 20.3% a year earlier. The percentage of existing home closings involving foreclosures went from 9.3% in September 2014 to 8.7% in September 2015 and REO closings as a percentage of existing home closings declined to 7.4% from 11.0% a year earlier.