There was a rise in closings of new homes in the Madera, CA market in December year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 8 a year earlier to 19 after the figure moved from 16 in November 2014 to 5 in November 2015.
A total of 139 new homes were sold during the 12 months that ended in December, up from 128 for the year that ended in November.
New home closings were 19 of the 162 total closings, up on a percentage basis from 8 of 165 a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $235,821, an increase from $206,625 a year earlier. This came after a 9.6% boost in November year-over-year.
Average mortgage size on new homes fell from $203,242 to $193,700. Average mortgage size on new homes went from $188,776 in November 2014 to $192,586 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.
Foreclosures and real estate owned (REO) closings continued to rise in December from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 28.0% of existing home closings, above 23.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.9% in December from 9.6% a year earlier while REO closings as a percentage of existing home closings fell to 9.1% from 14.0% a year earlier.