Closings of new homes in the San Luis Obispo, CA market dropped year-over-year in November, drawing a downward slope off of a rise in October 2015. New home closings saw a 9.4% decline from a year earlier to 29. This came after a 64.7% rise year-over-year in October.
A total of 423 new homes were sold during the 12 months that ended in November, down from 426 for the year that ended in October.
New home closings accounted for 10.6% of overall housing closings. A year earlier, new home closings made up 11.6% of total closings. Following a year-over-year increase in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 13.4% bump year-over-year in November to $684,603 per unit. This gain compares to a 9.0% drop in October from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size fell 9.3% to $366,097 in November from a year earlier. Average mortgage size grew 5.6% in October 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have fallen. The share of new home closings belonging to attached units jumped from no part of closings in November 2014 to 17.2% of closings in November 2015. Conversely, the share belonging to single-family homes sank to 82.8% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to decline 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 accounted for 3.7% of closings, below 13.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.7% in November from 6.1% a year earlier while REO closings as a percentage of existing home closings declined to no part from 7.8% a year earlier.