In January, there was a fall year-over-year in new home closings in the Madera, CA market, dropping after a year-over-year increase in December 2015. New home closings moved from 12 a year earlier to 5 after the figure moved from 8 in December 2014 to 19 in December 2015.

A total of 139 new homes were sold during the 12 months that ended in January, down from 146 for the year that ended in December.

New home closings were 10.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 118 total closings. Following a fall in December year-over-year, closings of new and existing homes gained year-over-year in January.

Pricing and Mortgage Trends

The average per-unit price of new homes was $181,420, compared with $205,292 last year. This was on the heels of a 14.1% bump in December year-over-year.

Average mortgage size on new homes fell from $185,705 to $176,546. Average mortgage size on new homes went from $203,242 in December 2014 to $193,700 in December 2015.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.

Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 28.3% of existing closings, lower than 32.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.3% in January from 18.3% a year earlier and REO closings moved from 14.4% of existing home closings in January 2015 to 15.0% in January 2016.

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