The Chico, CA market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 21 a year earlier to 8 after the figure moved from 7 in June 2014 to 6 in June 2015.
A total of 140 new homes were sold during the 12 months that ended in July, down from 153 for the year that ended in June.
New home closings represented 8 out of the 324 total closings, which is a smaller percentage than the 21 of 322 total closings a year earlier. After new and existing closings jumped in June year-over-year, they stayed level in July.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $367,813 from $356,005 a year ago. This was on the heels of a 14.4% drop in June from a year earlier.
The average mortgage size went down to $274,500 from $302,228 a year earlier. Average mortgage size on new homes went from $367,202 in June 2014 to $308,188 in June 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,046 square feet a year earlier to 2,367 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 16.5% of existing closings, lower than 22.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.2% in July from 13.0% a year earlier while REO closings as a percentage of existing home closings sank to 8.2% from 10.0% a year earlier.