In November, the Chico, CA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in October. New home closings moved from 16 a year earlier to 3 after the figure moved from 17 in October 2014 to 3 in October 2015.
A total of 108 new homes were sold during the 12 months that ended in November, down from 121 for the year that ended in October.
New home closings were 7.4% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 3 of the 251 total closings. Closings of new and existing homes grew year-over-year in November following a decline in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $318,333, compared with $330,625 last year. This came after a 13.4% rise in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $256,069 to $177,500. Average mortgage size on new homes went from $275,137 in October 2014 to $298,257 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,906 square feet a year earlier to 1,120 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.6% of closings, below 26.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.5% in November from 12.6% a year earlier while REO closings as a percentage of existing home closings slid to 12.1% from 13.6% a year earlier.