There was an increase in new home closings in the Salinas, CA market in February year-over-year, and the increase was greater than January 2016. New home closings moved from 10 a year earlier to 20 after the figure moved from 9 in January 2015 to 15 in January 2016.
A total of 252 new homes were sold during the 12 months that ended in February, up from 242 for the year that ended in January.
New home closings were 20 out of 269 total closings, making up 7.4%. This is up on a percentage basis from 10 of 250 a year earlier. Following a year-over-year increase in January, closings of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $505,495, an increase from $477,260 a year earlier. This followed a 18.3% bump in January year-over-year.
Average mortgage size on new homes increased to $438,928 from $337,529 last year. Average mortgage size on new homes went from $380,944 in January 2015 to $404,701 in January 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.
The average unit size of newly sold homes rose from 2,038 square feet a year earlier to 2,131 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 16.5% of existing closings, lower than 20.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.6% in February from 11.2% a year earlier while REO closings as a percentage of existing home closings declined to 6.8% from 9.2% a year earlier.