In the Yuba City, CA market, closings of new homes grew year-over-year in July, and the increase was greater than June 2015. New home closings moved from 6 a year earlier to 13 after the figure moved from 7 in June 2014 to 12 in June 2015.
A total of 102 new homes were sold during the 12 months that ended in July, up from 95 for the year that ended in June.
New home closings were 13 out of 254 total closings, making up 5.1%. This is up on a percentage basis from 6 of 221 a year earlier. Closings of new and existing homes grew year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $330,199, an increase from $262,250 a year earlier. This followed a 25.8% gain in June year-over-year.
From the year-ago figure of $232,294, the average mortgage size on new homes moved up to $285,470. Average mortgage size on new homes went from $240,452 in June 2014 to $266,314 in June 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 July 2015.
The average unit size of newly sold homes rose from 1,707 square feet a year earlier to 2,142 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 18.3% of existing closings, lower than 26.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.1% in July from 13.5% a year earlier while REO closings as a percentage of existing home closings fell to 9.1% from 13.0% a year earlier.