In the Redding, CA market in February, new home closings slid year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 5 in January 2015 to 2 in January 2016.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 203 total closings. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
The average value of newly sold homes in February 2016 was $55,000, down from last year's $259,620. This followed a 5.1% decline in January from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 27.7% of closings, below 32.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.4% in February from 16.2% a year earlier while REO closings as a percentage of existing home closings sank to 13.4% from 16.2% a year earlier.