In April, the Salinas, CA market saw a drop year-over-year in new home closings, a decline following a rise in March 2016. New home closings moved from 12 a year earlier to 8 after the figure moved from 16 in March 2015 to 19 in March 2016.

A total of 251 new homes were sold during the 12 months that ended in April, down from 255 for the year that ended in March.

Last year, 12 of 305 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 319 total closings. After dropping in March from a year earlier, closings of new and existing homes rose year-over-year in April.

Pricing and Mortgage Trends

The average new home value went from $383,375 last year to $511,875. This was on the heels of a 42.5% drop in March from a year earlier.

The average mortgage size on new homes was $344,370, up from $337,871. It went from $411,147 to $412,763 from March 2015 to March 2016.

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.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.2% of existing home closings, down from 15.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.1% in April from 8.5% a year earlier and REO closings moved from 6.5% of existing home closings in April 2015 to 7.1% in April 2016.

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