Closings of new homes sank year-over-year in July in the Madera, CA market, but the decline was less than the year-over-year decline in June. New home closings moved from 6 a year earlier to 5 after the figure moved from 18 in June 2015 to 8 in June 2016.
A total of 117 new homes were sold during the 12 months that ended in July, down from 118 for the year that ended in June.
New home closings were 5 out of the 167 total closings, a move on a percentage basis from 6 of 193 a year earlier. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $260,300, up from $189,667 a year earlier. This was on the heels of a 21.7% boost in June year-over-year.
Average mortgage size on new homes rose from $177,314 to $241,538. Average mortgage size on new homes went from $191,676 in June 2015 to $226,034 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 18.5% of existing home closings, down from 26.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.8% in July from 12.3% a year earlier while REO closings as a percentage of existing home closings slid to 11.7% from 14.4% a year earlier.