Closings of new homes in the Santa Rosa, CA market remained unchanged year-over-year in March, staying level after a year-over-year decline in February from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 7 in February 2015 to 5 in February 2016.
A total of 113 new homes were sold during the 12 months that ended in March, equal to the number of new homes sold for the year that ended in February.
Out of the 448 total closings, 5 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes increased year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $525,500, down from $568,464 a year earlier. This was on the heels of a 22.2% rise in February year-over-year.
Average mortgage size on new homes fell from $424,492 to $343,319. Average mortgage size on new homes went from $400,967 in February 2015 to $440,986 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 8.1% of existing home closings, below 10.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.4% in March from 5.6% a year earlier and REO closings moved from 5.1% of existing home closings in March 2015 to 4.7% in March 2016.