In April, closings of new homes in the Hanford, CA market grew year-over-year, but the increase was less than March 2016. New home closings moved from 15 a year earlier to 19 after the figure moved from 12 in March 2015 to 23 in March 2016.
A total of 283 new homes were sold during the 12 months that ended in April, up from 279 for the year that ended in March.
Out of all housing closings, new home closings represented 14.2%. This marks a rise from 9.9% of total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in April to $261,321 per unit, a rise of 1.5%. This boost is smaller than the 27.4% surge in March year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size fell 4.3% to $234,741 in April from a year earlier. Average mortgage size on new homes went from $252,183 in March 2015 to $306,235 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes dropped 16.6% year-over-year to 1,835 square feet in April 2016. In March, the average size of new homes sold went from 1,834 square feet a year earlier to 2,177 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 27.0% of existing closings, lower than 32.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.3% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings fell to 15.7% from 21.9% a year earlier.