Closings of new homes in the Yuba City, CA market gained year-over-year in February, but the increase was less than January 2016. New home closings moved from 4 a year earlier to 9 after the figure moved from 3 in January 2015 to 8 in January 2016.

A total of 158 new homes were sold during the 12 months that ended in February, up from 153 for the year that ended in January.

New home closings were 9 of the 173 total closings, up on a percentage basis from 4 of 181 a year earlier. After rising year-over-year in January, closings of new and existing homes fell year-over-year in February.

Pricing and Mortgage Trends

The average price of new homes was $366,611, an increase from $308,000 a year earlier. This came after a 5.2% surge in January year-over-year.

From the year-ago figure of $252,454, the average mortgage size on new homes moved up to $332,505. Average mortgage size on new homes went from $375,365 in January 2015 to $296,616 in January 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 February 2016.

The average unit size of newly sold homes rose from 2,437 square feet a year earlier to 2,775 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 20.7% of existing closings, lower than 31.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.5% in February from 10.2% a year earlier while REO closings as a percentage of existing home closings slid to 12.2% from 21.5% a year earlier.

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