Closings of new homes fell year-over-year in May in the Santa Rosa, CA market, but the decline was less than the year-over-year decline in April. New home closings moved from 10 a year earlier to 6 after the figure moved from 7 in April 2015 to 1 in April 2016.
A total of 103 new homes were sold during the 12 months that ended in May, down from 107 for the year that ended in April.
New home closings were 6 out of the 504 total closings, a move on a percentage basis from 10 of 556 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $580,061 from $515,200 a year ago. This came after a 11.7% decline in April from a year earlier.
The average mortgage size went down to $361,502 from $431,785 a year earlier. Average mortgage size on new homes went from $437,961 in April 2015 to $411,960 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 1,792 square feet a year earlier to 1,724 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 6.6% of existing home closings, up from 5.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.0% in May from 1.8% a year earlier while REO closings as a percentage of existing home closings stayed level at 3.6%.