New home closings gained year-over-year in September in the Vallejo, CA market, and the percentage bump was an improvement from August 2015, suggesting the market may be gaining momentum. Closings climbed more than twofold from a year earlier to 83. In comparison, new home closings in the same month last year saw a 83.8% boost year-over-year in August.
A total of 660 new homes were sold during the 12 months that ended in September, up from 611 for the year that ended in August.
New home closings represented 12.2% of overall housing closings. This is an increase on a percentage basis, as new home closings were 6.6% of total closings a year ago. Following a year-over-year increase in August, closings of new and existing homes also rose year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 15.3% lift year-over-year to $479,230 per unit in September. This gain is better than the 13.2% bump in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In September 2015, the average mortgage size on newly sold homes saw a 14.6% gain from a year earlier. In August 2015, average mortgage size on newly sold homes saw a 10.7% rise year-over-year 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 climbed from 97.1% of new closings in September 2014 to all of closings in September 2015. Meanwhile, attached units as a percentage of all new home closings fell to no part of closings from 2.9% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.3% of existing home closings, down from 20.3% a year earlier. The percentage of existing home closings involving foreclosures went from 8.7% in September 2014 to 9.4% in September 2015 and REO closings as a percentage of existing home closings declined to 7.9% from 11.6% a year earlier.