In November, the Madera, CA market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 16 a year earlier to 5 after the figure moved from 15 in October 2014 to 5 in October 2015.
A total of 128 new homes were sold during the 12 months that ended in November, down from 139 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 4.3% from 12.1% a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $222,620 from last year's $203,063. This was on the heels of a 17.0% lift in October year-over-year.
Average mortgage size on new homes increased to $192,586 from $188,776 last year. Average mortgage size on new homes went from $199,210 in October 2014 to $238,579 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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 19.1% of existing home closings, down from 29.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.0% in November from 12.9% a year earlier while REO closings as a percentage of existing home closings fell to 9.1% from 16.4% a year earlier.