Closings of new homes in the Yuba City, CA market sank year-over-year in May, dropping after a year-over-year increase in April 2016. New home closings moved from 14 a year earlier to 13 after the figure moved from 13 in April 2015 to 15 in April 2016.
A total of 165 new homes were sold during the 12 months that ended in May, down from 166 for the year that ended in April.
13 of the 208 total closings were new home closings, a shift on a percentage basis from 14 out of 204 a year earlier. Closings of new and existing homes climbed year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $361,162, an increase from $330,336 a year earlier. This was on the heels of a 9.1% fall in April from a year earlier.
Average mortgage size on new homes rose from $259,916 to $319,344. Average mortgage size on new homes went from $307,087 in April 2015 to $297,961 in April 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 May 2016.
The average unit size of newly sold homes rose from 2,535 square feet a year earlier to 2,619 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.3% of existing closings, lower than 21.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.2% in May from 8.4% a year earlier while REO closings as a percentage of existing home closings sank to 7.2% from 13.2% a year earlier.