Closings of new homes in the Madera, CA market fell year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 15 a year earlier to 8 after the figure moved from 13 in January 2015 to 5 in January 2016.
A total of 134 new homes were sold during the 12 months that ended in February, down from 141 for the year that ended in January.
New home closings were 13.0% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 8 of the 131 total closings. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $199,375, a move from $199,167 a year earlier. This was on the heels of a 12.8% fall in January from a year earlier.
Average mortgage size on new homes increased to $196,893 from $180,252 last year. Average mortgage size on new homes went from $189,222 in January 2015 to $176,546 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.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 25.2% of existing home closings, below 32.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.2% in February from 14.0% a year earlier while REO closings as a percentage of existing home closings fell to 13.0% from 18.0% a year earlier.