In December, closings of new homes in the Yuba City, CA market jumped year-over-year, and the increase was greater than November 2015. New home closings moved from 7 a year earlier to 22 after the figure moved from 7 in November 2014 to 11 in November 2015.
A total of 148 new homes were sold during the 12 months that ended in December, up from 133 for the year that ended in November.
New home closings were 22 out of 221 total closings, making up 10.0%. This is up on a percentage basis from 7 of 181 a year earlier. After dropping in November from a year earlier, closings of new and existing homes grew year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $316,623, down from $320,586 a year earlier. This came after a 8.8% fall in November from a year earlier.
Average mortgage size on new homes went from $242,338 a year earlier to $279,722. Average mortgage size on new homes went from $300,440 in November 2014 to $295,404 in November 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 December 2015.
The average unit size of newly sold homes fell from 2,425 square feet a year earlier to 2,377 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 22.1% of existing closings, lower than 24.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.1% in December from 6.3% a year earlier while REO closings as a percentage of existing home closings declined to 10.1% from 17.8% a year earlier.