The Redding, CA market saw a rise in new home closings in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 3 a year earlier to 6 after the figure moved from 7 in July 2014 to 6 in July 2015.
A total of 85 new homes were sold during the 12 months that ended in August, up from 82 for the year that ended in July.
New home closings were 6 out of 242 total closings, making up 2.5%. This is up on a percentage basis from 3 of 215 a year earlier. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $287,000, up from $283,833 a year earlier. This followed a 10.0% gain in July year-over-year.
Average mortgage size on new homes increased to $281,524 from $246,676 last year. Average mortgage size on new homes went from $223,717 in July 2014 to $253,212 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 1,719 square feet a year earlier to 1,857 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 14.4% of closings, below a quarter a year earlier. The percentage of existing home closings involving foreclosures slid to 8.9% in August from 9.9% a year earlier while REO closings as a percentage of existing home closings sank to 5.5% from 15.1% a year earlier.