The Santa Rosa, CA market saw a drop in new home closings year-over-year in February, falling after a rise in January 2016. New home closings moved from 7 a year earlier to 5 after the figure moved from 6 in January 2015 to 9 in January 2016.
A total of 111 new homes were sold during the 12 months that ended in February, down from 113 for the year that ended in January.
New home closings were 5 out of the 458 total closings, a move on a percentage basis from 7 of 337 a year earlier. Closings of new and existing homes gained year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $549,700 from last year's $450,000. This was on the heels of a 18.1% gain in January year-over-year.
The average mortgage size on new homes was $440,986, up from $400,967. Average mortgage size on new homes went from $415,580 in January 2015 to $358,426 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 10.4% of closings, below 12.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in February 2015 to 5.1% in February 2016 and REO closings as a percentage of existing home closings sank to 5.3% from 7.6% a year earlier.