In the Santa Barbara, CA market, closings of new homes gained year-over-year in July, and the market seemed to be suggesting bolstering with a percentage gain stronger than June 2015. New home closings saw a more than twofold rise from a year earlier to 53. This came after a 21.7% jump year-over-year in June.
A total of 378 new homes were sold during the 12 months that ended in July, up from 350 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 11.1%. This is a rise from 7.3% of closings a year earlier. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price sank 12.2% year-over-year in July to $471,758 per unit. This fall is a drop off from the 31.1% drop in June from a year earlier.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. Average mortgage size slid 3.9% to $364,153 in July from a year earlier. In June 2015, average mortgage size on newly sold homes saw a 2.7% surge year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have slumped. Attached unit closings increased from 16.0% of all closings in July 2014 to 22.6% of closings in July 2015. Conversely, the share belonging to single-family homes fell to 77.4% of closings from 84.0% of closings.
For all new homes sold, the average unit size sank 59.7% year-over-year to 717 square feet in July 2015. A drop was also seen in June 2015 when the average size of new homes sold dropped 50.4% to 1,036 square feet. In June, the average size of new homes sold went from 2,089 square feet a year earlier to 1,036 square feet.
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. Together, foreclosures plus REO closings represented 11.1% of existing home closings, down from 15.4% a year earlier. The percentage of existing home closings involving foreclosures went from 6.6% in July 2014 to 6.1% in July 2015 and REO closings as a percentage of existing home closings slid to 4.9% from 8.8% a year earlier.