New home construction and sales — if you haven’t noticed — aren’t slowing down in Manteca.

There have been weeks in the past several months where 3 out of every 4 new homes sold within San Joaquin County have been in Manteca.

And that’s just the start.

The City of Manteca is projecting construction of new stand-alone homes in the last six months of this year will reach 500 units.

 That’s after 286 new single family homes were completed in the first six months of 2024.

Based on average yields per home, Manteca will likely add 2,200 residents by year’s end pushing the population close to — or over — the 93,000 mark.

More residents is not the only thing going up.

So are the prices of new homes.

A growing number of  new homes — especially in southwest  Manteca — are commanding prices in the low to mid-$900,000s.

Three examples include:

*$961,000 for a six bedroom, fourth bathroom model home built by Pulte Homes at 3439 Onslow Street.

*$923,430 for a six bedroom three bathroom home with 3,551 square feet just recently completed by Taylor Morrison Homes at 3353 Oak Trail Way.

*$928,285 for a six bedroom, four bathroom home with 3,551 square feet being built by Taylor Morrison with a targeted completion for January 2025 at 3335 Jubilee Drive.

The Jubilee Drive home, if one puts the minimum 20 percent down of $222,788, comes with a monthly payment of $6,054.

That includes $967 a month in basic property taxes and community facilities districts.

It means the annual initial property tax bill would be $11,504.

The bulk of new homes selling in southwest Manteca are in the $750,000 to $899,000 range.

The large number of new home builders in Manteca has helped — and hurt — the upper end of the resale market.

That portion of the resale market is dominated by larger tract homes built in recent years.

The advent of $900,000 plus new homes has helped  drive up the resale value of similar sized homes built south of the 120 Bypass in recent years.

It also is driving up the pries of 20 year-old larger homes.

But the relatively quick sales in the upper end of the resale market have cooled.

That’s because national and large regional builders — unlike locals developers such as Raymus Homes and Atherton Homes — are building homes ahead of selling them.

As a result, there are now ample homes being built that are readily available — either immediately or in a short time frame — that has effectively taken some of the wind out of the higher priced resale homes.

And the fact the city, based on activity among builders in seeking the issuance of building permits, expects construction to have started on 500 more homes in the last six months of the year means resale homes in the $750,000 and higher range are effectively competing with new homes.

As a result, there are no resale homes $750,000 and above that are currently pending.

Go back several months and there would be four to eight resales pending in that price range.

To contact Dennia Wyatt, email dwyatt@mantecabulletin.com