In the Santa Rosa, CA market in August, new home closings climbed year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 7 a year earlier to 13 after the figure moved from 15 in July 2014 to 10 in July 2015.
New home closings were 13 out of the 581 total closings, a move on a percentage basis from 7 of 515 a year earlier. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $445,431, an increase from $401,429 a year earlier. This followed a 4.7% gain in July year-over-year.
Average mortgage size on new homes increased to $361,110 from $338,303 last year. Average mortgage size on new homes went from $405,311 in July 2014 to $361,931 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 1,633 square feet a year earlier to 1,604 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.0% of closings, below 8.1% a year earlier. The percentage of existing home closings involving foreclosures went from 2.4% in August 2014 to 1.4% in August 2015 and REO closings as a percentage of existing home closings stayed level at 5.6%.