In the Santa Rosa, CA market in May, new home closings sank year-over-year, 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.
6 of the 504 total closings were new home closings, a shift on a percentage basis from 10 out of 556 a year earlier. Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $580,061, an increase from $515,200 a year earlier. This was on the heels of a 11.7% drop in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $431,785 last year to $361,502 in May 2016. 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 increased in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, 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%.