New home closings in the Santa Cruz, CA market dropped year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 1 a year earlier to none after the figure moved from 4 in April 2015 to 1 in April 2016.
None of the 170 total closings were new home closings, a shift on a percentage basis from 1 out of 240 a year earlier. Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.6% of existing home closings, below 10.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.3% in May from 3.8% a year earlier while REO closings as a percentage of existing home closings slid to 2.4% from 6.3% a year earlier.