In March, the Redding, CA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in February. New home closings moved from 6 a year earlier to 4 after the figure moved from 5 in February 2015 to 1 in February 2016.
4 of the 232 total closings were new home closings, a shift on a percentage basis from 6 out of 244 a year earlier. Following a year-over-year rise in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $310,275 from $284,333 a year ago. This came after a 78.8% decline in February from a year earlier.
Average mortgage size on new homes went from $235,125 a year earlier to $286,588.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes rose from 1,868 square feet a year earlier to 2,107 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 23.7% of existing home closings, below 24.4% a year earlier. The percentage of existing home closings involving foreclosures went from 7.6% in March 2015 to 8.3% in March 2016 and REO closings as a percentage of existing home closings sank to 15.4% from 16.8% a year earlier.