In the Madera, CA market in May, new home closings fell year-over-year, falling after a rise in April 2016. New home closings moved from 10 a year earlier to 7 after the figure moved from 11 in April 2015 to 12 in April 2016.
A total of 128 new homes were sold during the 12 months that ended in May, down from 131 for the year that ended in April.
New home closings were 5.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 189 total closings. For new and existing homes, closings jumped year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $226,286 from $219,200 a year ago. This came after a 33.9% bump in April year-over-year.
Average mortgage size on new homes went from $203,736 a year earlier to $216,124. Average mortgage size on new homes went from $169,176 in April 2015 to $235,559 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 23.6% of existing home closings, up from 20.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.4% in May from 7.5% a year earlier while REO closings as a percentage of existing home closings stayed level at 13.2%.