In November, there was an increase in closings of new homes in the Salinas, CA market year-over-year, and the increase was greater than October 2015. New home closings moved from 7 a year earlier to 28 after the figure moved from 12 in October 2014 to 25 in October 2015.
A total of 219 new homes were sold during the 12 months that ended in November, up from 198 for the year that ended in October.
New home closings were 28 of the 281 total closings, up on a percentage basis from 7 of 239 a year earlier. For new and existing homes, closings jumped year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $506,875, down from $588,786 a year earlier. This followed a 38.2% gain in October year-over-year.
Average mortgage size on new homes went from $412,593 a year earlier to $424,873. Average mortgage size on new homes went from $388,086 in October 2014 to $419,755 in October 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,919 square feet a year earlier to 2,046 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.7% of closings, below 14.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.6% in November from 6.0% a year earlier while REO closings as a percentage of existing home closings dropped to 7.1% from 8.6% a year earlier.