NEW HOME SALES
October was yet another very strong month for new home closings. Newly-built single family
homes saw 1,256 closings in October, up 28% from 981 in October 2015. The total dollar value of single family new homes closed in October was up 35% from $357 million in 2015 to $483 million in 2016.
The average sq. ft. of a new single family home in October was 2,480, down 1.8% from 2,526 in October 2015. More builders are starting to offer options at entry pricing levels, although many of these are a long way from the center of the valley. The average sq. ft. of a non-distressed resale was 2,010, so new single family homes are 23% larger on average than the existing homes that sold. This percentage has fallen from 27% this time last year.
The market share (in dollars) for new single family homes has climbed from 18.3% in October 2015 to 20.6% in October 2016.