In the Redding, CA market, new home closings declined year-over-year in June, dropping after a year-over-year increase in May 2016. New home closings moved from 15 a year earlier to 13 after the figure moved from 5 in May 2015 to 8 in May 2016.
A total of 132 new homes were sold during the 12 months that ended in June, down from 134 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 4.0% from 5.2% a year earlier. Closings of new and existing homes grew year-over-year in June following a drop in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $306,231 from last year's $297,667. This followed a 6.6% decline in May from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $279,756 to $269,961. Average mortgage size on new homes went from $276,456 in May 2015 to $118,747 in May 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 June 2016.
The average unit size of newly sold homes rose from 1,724 square feet a year earlier to 1,927 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 12.9% of existing closings, lower than 17.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.9% in June from 9.6% a year earlier and REO closings moved from 7.7% of existing home closings in June 2015 to 8.1% in June 2016.