New home closings sank year-over-year in July in the Santa Rosa, CA market, a decline following a rise in June 2015. New home closings moved from 15 a year earlier to 10 after the figure moved from 12 in June 2014 to 15 in June 2015.
10 of the 681 total closings were new home closings, a shift on a percentage basis from 15 out of 624 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also jumped year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $469,830 last year to $492,100. This came after a 4.1% fall in June from a year earlier.
The average mortgage size moved to $361,931, down from last year's $405,311. Average mortgage size on new homes went from $387,703 in June 2014 to $392,054 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 6.3% of existing home closings, down from 6.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.2% in July from 3.6% a year earlier and REO closings moved from 3.3% of existing home closings in July 2014 to 4.0% in July 2015.