There was a rise in closings of new homes in the Stockton, CA market in July year-over-year, rallying back from a drop in June 2016. Closings rose 2.0% from a year earlier to 104. This followed a 6.1% decline year-over-year in June.
A total of 1,483 new homes were sold during the 12 months that ended in July, up from 1,481 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 11.4%. This is better than the 10.0% of closings a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 11.4% in July to $493,168 per unit. This surge is smaller than the 12.1% lift in June year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In July 2016, the average mortgage size on newly sold homes saw a 15.1% gain from a year earlier. In June 2016, average mortgage size grew 10.7% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings gained from 97.1% of new closings in July 2015 to 99.0% of closings in July 2016. Meanwhile, attached units as a percentage of all new home closings slid to 1.0% of closings from 2.9% of closings.
There was a 10.4% bump year-over-year in the average unit size of newly sold homes to 2,686 square feet in July 2016. The average size of newly sold homes moved from 2,515 square feet in June 2015 to 2,354 square feet in June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 10.9% of existing home closings, below 12.5% a year earlier. The percentage of existing home closings involving foreclosures went from 5.9% in July 2015 to 5.1% in July 2016 and REO closings moved from 6.6% of existing home closings in July 2015 to 5.8% in July 2016.