In the Yuba City, CA market, closings of new homes increased year-over-year in April, but the increase was less than March 2016. New home closings moved from 13 a year earlier to 15 after the figure moved from 13 in March 2015 to 19 in March 2016.
A total of 166 new homes were sold during the 12 months that ended in April, up from 164 for the year that ended in March.
New home closings were 15 out of the 243 total closings, a move on a percentage basis from 13 of 240 a year earlier. For new and existing homes, closings grew year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $316,367, compared with $347,885 last year. This followed a 13.3% fall in March from a year earlier.
Average mortgage size on new homes fell from $307,087 to $297,961. Average mortgage size on new homes went from $290,552 in March 2015 to $257,292 in March 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 April 2016.
The average unit size of newly sold homes fell from 2,931 square feet a year earlier to 2,780 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 11.8% of existing closings, lower than 24.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.9% in April from 15.0% a year earlier while REO closings as a percentage of existing home closings slid to 7.9% from 9.7% a year earlier.