New home closings in the Yuba City, CA market rose year-over-year in August, but the increase was less than July 2015. New home closings moved from 6 a year earlier to 10 after the figure moved from 6 in July 2014 to 13 in July 2015.
A total of 110 new homes were sold during the 12 months that ended in August, up from 106 for the year that ended in July.
10 of the 249 total closings were new home closings, a shift on a percentage basis from 6 out of 188 a year earlier. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average new home value went from $305,100 last year to $362,100. This followed a 25.9% surge in July year-over-year.
Average mortgage size on new homes rose from $301,824 to $333,802. Average mortgage size on new homes went from $232,294 in July 2014 to $285,470 in July 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 August 2015.
The average unit size of newly sold homes fell from 2,916 square feet a year earlier to 2,437 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 15.9% of existing home closings, below 20.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.4% in August from 9.9% a year earlier and REO closings moved from 11.0% of existing home closings in August 2014 to 10.5% in August 2015.