In the Yuba City, CA market, closings of new homes rose year-over-year in March, but the increase was less than February 2016. New home closings moved from 13 a year earlier to 19 after the figure moved from 4 in February 2015 to 9 in February 2016.
A total of 164 new homes were sold during the 12 months that ended in March, up from 158 for the year that ended in February.
New home closings were 19 of the 229 total closings, up on a percentage basis from 13 of 217 a year earlier. Following a fall in February year-over-year, closings of new and existing homes grew year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $299,689, down from $345,469 a year earlier. This followed a 19.0% lift in February year-over-year.
The average mortgage size went down to $257,292 from $290,552 a year earlier. Average mortgage size on new homes went from $252,454 in February 2015 to $332,505 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.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 23.8% of existing home closings, up from 21.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.0% in March from 9.8% a year earlier while REO closings as a percentage of existing home closings rose to 12.9% from 11.8%.