The Chico, CA market saw a drop in new home closings year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 14 a year earlier to 10 after the figure moved from 21 in July 2014 to 8 in July 2015.
A total of 146 new homes were sold during the 12 months that ended in August, down from 150 for the year that ended in July.
Last year, 14 of 271 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 311 total closings. After staying stable in July from a year earlier, closings of new and existing homes gained in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $321,600 from $297,043 a year ago. This followed a 3.3% bump in July year-over-year.
The average mortgage size on new homes was $264,199, up from $260,607. Average mortgage size on new homes went from $302,228 in July 2014 to $274,500 in July 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 August 2015.
The average unit size of newly sold homes rose from 1,832 square feet a year earlier to 2,055 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.9% of closings, below 21.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.3% in August from 12.1% a year earlier and REO closings moved from 9.7% of existing home closings in August 2014 to 10.6% in August 2015.