In September, there was an increase in closings of new homes in the Yuba City, CA market year-over-year, and the increase was greater than August 2015. New home closings moved from 4 a year earlier to 21 after the figure moved from 6 in August 2014 to 10 in August 2015.
A total of 128 new homes were sold during the 12 months that ended in September, up from 111 for the year that ended in August.
New home closings were 21 out of 215 total closings, making up 9.8%. This is up on a percentage basis from 4 of 205 a year earlier. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $309,610, down from last year's $342,875. This was on the heels of a 18.7% lift in August year-over-year.
Average mortgage size on new homes rose from $265,399 to $286,021. Average mortgage size on new homes went from $301,824 in August 2014 to $333,802 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,291 square feet a year earlier to 1,962 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.9% of existing home closings, below 25.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.2% in September from 12.9% a year earlier while REO closings as a percentage of existing home closings declined to 7.7% from 12.9% a year earlier.