Closings of new homes in the Redding, CA market slid year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 7 a year earlier to 2 after the figure moved from 9 in November 2014 to none in November 2015.
New home closings represented 2 out of the 244 total closings, which is a smaller percentage than the 7 of 227 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $228,750, down from $336,071 a year earlier. This came after a.
Average mortgage size on newly sold homes saw a decline year-over-year from $283,709 to $232,354.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 1,942 square feet a year earlier to 1,344 square feet.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 26.4% of existing home closings, down from 30.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.0% in December from 15.5% a year earlier and REO closings moved from 15.5% of existing home closings in December 2014 to 14.5% in December 2015.