In the Redding, CA market, closings of new homes declined year-over-year in September, dropping after a year-over-year increase in August 2015. New home closings moved from 10 a year earlier to 1 after the figure moved from 3 in August 2014 to 6 in August 2015.
A total of 77 new homes were sold during the 12 months that ended in September, down from 86 for the year that ended in August.
New home closings were 4.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 265 total closings. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $350,000, an increase from $313,250 a year earlier. This followed a 1.1% hike in August year-over-year.
The average mortgage size moved to $204,500, down from last year's $238,937. Average mortgage size on new homes went from $246,676 in August 2014 to $281,524 in August 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 September 2015.
The average unit size of newly sold homes rose from 1,874 square feet a year earlier to 2,124 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 23.1% of existing home closings, up from 23.0% a year earlier. The percentage of existing home closings involving foreclosures went from 12.6% in September 2014 to 12.9% in September 2015 and REO closings moved from 10.4% of existing home closings in September 2014 to 10.2% in September 2015.