The Yuba City, CA market saw an increase in closings of new homes in November year-over-year, and the increase was greater than October 2015. New home closings moved from 7 a year earlier to 11 after the figure moved from 10 in October 2014 to 11 in October 2015.
A total of 133 new homes were sold during the 12 months that ended in November, up from 129 for the year that ended in October.
New home closings were 11 of the 174 total closings, up on a percentage basis from 7 of 195 a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $308,818, down from $338,514 a year earlier. This came after a 10.4% rise in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $300,440 to $295,404. Average mortgage size on new homes went from $244,728 in October 2014 to $283,375 in October 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 November 2015.
The average unit size of newly sold homes went from 2,372 square feet in November 2014 to 2,383 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 22.7% of existing closings, lower than 29.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.1% in November from 18.6% a year earlier while REO closings as a percentage of existing home closings sank to 8.6% from 11.2% a year earlier.