In the Madera, CA market in August, closings of new homes increased year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 6 a year earlier to 8 after the figure moved from 7 in July 2014 to 4 in July 2015.
A total of 140 new homes were sold during the 12 months that ended in August, up from 138 for the year that ended in July.
8 of the 161 total closings were new home closings, a shift on a percentage basis from 6 out of 144 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
Pricing and Mortgage Trends
The average new home price in August 2015 was unchanged from a year ago at $221,750. This came after a 7.5% decline in July from a year earlier.
From the year-ago figure of $212,157, the average mortgage size on new homes moved up to $214,302. Average mortgage size on new homes went from $186,515 in July 2014 to $158,131 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 19.6% of existing home closings, down from 29.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.5% in August from 13.8% a year earlier while REO closings as a percentage of existing home closings dropped to 9.2% from 15.9% a year earlier.