Closings of new homes declined year-over-year in March in the Fresno, CA market, shifting downward off a hike in February 2016. There was a 2.7% decline in new home closings from a year earlier. This was after the housing market saw a 11.7% hike year-over-year in February.
A total of 1,920 new homes were sold during the 12 months that ended in March, down from 1,924 for the year that ended in February.
Out of all housing closings, new home closings made up 13.9%. A year ago, new home closings accounted for 14.4%. Closings of new and existing homes remained steady in March after falling in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in March to $332,508 per unit, a rise of 5.0%. This bump compares to a 4.9% decline in February from a year earlier.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In March 2016, there was a 11.4% surge in the average mortgage size, reaching $299,296. In February 2016, average mortgage size on newly sold homes saw a 1.1% rise year-over-year from a year earlier.
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. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
There was a 16.9% fall year-over-year in the average unit size of newly sold homes to 1,857 square feet in March 2016. The average size of newly sold homes moved from 2,178 square feet in February 2015 to 2,396 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.1% of closings, below 23.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.7% in March from 11.3% a year earlier while REO closings as a percentage of existing home closings dropped to 10.4% from 11.7% a year earlier.