There was a rise in closings of new homes in the Madera, CA market in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 11 a year earlier to 12 after the figure moved from 21 in March 2015 to 19 in March 2016.
A total of 133 new homes were sold during the 12 months that ended in April, up from 132 for the year that ended in March.
New home closings were 12 out of the 218 total closings, a move on a percentage basis from 11 of 193 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $255,800, an increase from $191,091 a year earlier. This came after a 9.1% drop in March from a year earlier.
Average mortgage size on new homes rose from $169,176 to $235,559. It went from $202,419 to $203,978 from March 2015 to 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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.4% of existing home closings, down from 28.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.2% in April from 15.4% a year earlier while REO closings as a percentage of existing home closings declined to 7.3% from 13.2% a year earlier.