The Madera, CA market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 21 a year earlier to 19 after the figure moved from 15 in February 2015 to 8 in February 2016.
A total of 132 new homes were sold during the 12 months that ended in March, down from 134 for the year that ended in February.
New home closings accounted for 11.4% of overall housing closings. This is down from the a year earlier when new home closings accounted for 13.0% of total closings. Following a year-over-year increase in February, closings of new and existing homes also rose year-over-year in March.
Pricing and Mortgage Trends
The average price of newly sold homes declined 9.1% year-over-year in March to $192,711 per unit. This decline follows a move from $199,167 per unit in February 2015 to $199,375 in February 2016.
In March 2016, average mortgage size on newly sold homes moved from $202,419 to $203,978 from March 2015. Average mortgage size on new homes went from $180,252 in February 2015 to $196,893 in February 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 March 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 25.7% of closings, below 26.4% a year earlier. The percentage of existing home closings involving foreclosures went from 14.3% in March 2015 to 13.5% in March 2016 and REO closings as a percentage of existing home closings stayed level at 12.2%.