New home closings declined year-over-year in June in the Yuba City, CA market, and the decline was by a larger percentage than the May 2016. New home closings moved from 13 a year earlier to 4 after the figure moved from 14 in May 2015 to 13 in May 2016.
A total of 156 new homes were sold during the 12 months that ended in June, down from 165 for the year that ended in May.
New home closings represented 4 out of the 266 total closings, which is a smaller percentage than the 13 of 245 total closings a year earlier. Closings of new and existing homes gained year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $334,375, compared with $361,192 last year. This followed a 9.3% bump in May year-over-year.
The average mortgage size on new homes was $304,876, up from $281,383. Average mortgage size on new homes went from $259,916 in May 2015 to $319,344 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.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.2% of existing home closings, up from 15.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.2% in June from 5.2% a year earlier while REO closings as a percentage of existing home closings fell to 8.0% from 9.9% a year earlier.