In April, closings of new homes jumped year-over-year in the Hanford, CA market, but the increase was less than March 2016. New home closings moved from 15 a year earlier to 19 after the figure moved from 12 in March 2015 to 23 in March 2016.
A total of 283 new homes were sold during the 12 months that ended in April, up from 279 for the year that ended in March.
Of 134 total closings, 19 were of new homes. This marks a rise from 9.9% of total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $261,321 in April, up 1.5% from last year. This lift is smaller than the 27.4% bump in March year-over-year.
For newly sold homes, the average mortgage size slid year-over-year in contrast to average price of new homes. The average mortgage size slid to $234,741 in April, marking a 4.3% fall compared with last year. Average mortgage size on new homes went from $252,183 in March 2015 to $306,235 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. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size sank 16.6% year-over-year to 1,835 square feet in April 2016. The average size of newly sold homes moved from 1,834 square feet in March 2015 to 2,177 square feet in March 2016.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 27.0% of existing closings, lower than 32.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.3% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings declined to 15.7% from 21.9% a year earlier.