There was a rise in closings of new homes in the Vallejo, CA market in November year-over-year, and there were signals that the market may be gaining momentum as the percentage hike proved better than October 2015. New home closings saw a rise of more than twofold from the year earlier to 66. This was after the housing market saw a 69.6% climb year-over-year in October.
A total of 727 new homes were sold during the 12 months that ended in November, up from 692 for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 13.8%. This marks a rise from 7.4% of total closings a year earlier. For new and existing homes, closings rose year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew 14.6% year-over-year to $461,255 per unit. This rise is better than the 13.0% gain in October year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In November 2015, the average mortgage size on newly sold homes saw a 10.0% boost from a year earlier. In October 2015, average mortgage size gained 8.1% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes grew from 96.8% in November 2014 to all of closings in November 2015. At the same time, the share of new home closings belonging to attached units fell to no part of closings from 3.2% of closings.
Combined, foreclosures plus REO closings accounted for 17.3% of existing home closings. They represented 17.4% in November 2014. The percentage of existing home closings involving foreclosures went from 7.3% in November 2014 to 7.8% in November 2015 and REO closings moved from 10.1% of existing home closings in November 2014 to 9.5% in November 2015.