In January, there was an increase in closings of new homes in the Yuba City, CA market year-over-year, but the increase was less than December 2015. New home closings moved from 3 a year earlier to 8 after the figure moved from 7 in December 2014 to 22 in December 2015.
A total of 153 new homes were sold during the 12 months that ended in January, up from 148 for the year that ended in December.
New home closings were 8 out of 171 total closings, making up 4.7%. This is up on a percentage basis from 3 of 166 a year earlier. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $396,688, an increase from $377,000 a year earlier. This followed a 1.2% drop in December from a year earlier.
There was a decline in average mortgage size on new homes, going from $375,365 last year to $296,616 in January 2016. Average mortgage size on new homes went from $242,338 in December 2014 to $279,722 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 22.1% of closings, below 31.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.4% in January from 12.9% a year earlier while REO closings as a percentage of existing home closings sank to 11.7% from 18.4% a year earlier.