The Yuba City, CA market saw a rise in new home closings in April year-over-year, but the increase was less than March 2016. New home closings moved from 13 a year earlier to 15 after the figure moved from 13 in March 2015 to 19 in March 2016.
A total of 166 new homes were sold during the 12 months that ended in April, up from 164 for the year that ended in March.
New home closings were 15 out of the 243 total closings, a move on a percentage basis from 13 of 240 a year earlier. For new and existing homes, closings jumped year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $316,367, compared with $347,885 last year. This followed a 13.3% drop in March from a year earlier.
There was a decline in average mortgage size on new homes, going from $307,087 last year to $297,961 in April 2016. Average mortgage size on new homes went from $290,552 in March 2015 to $257,292 in March 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 April 2016.
The average unit size of newly sold homes fell from 2,931 square feet a year earlier to 2,780 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 11.8% of existing home closings, down from 24.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.9% in April from 15.0% a year earlier while REO closings as a percentage of existing home closings sank to 7.9% from 9.7% a year earlier.