In March, the Chico, CA market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the February 2016. New home closings moved from 16 a year earlier to none after the figure moved from 9 in February 2015 to 2 in February 2016.
New home closings represented none out of the 204 total closings, which is a smaller percentage than the 16 of 279 total closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also fell year-over-year in March.
Other Market Trends
There were no new home closings in March 2016, but average size of newly sold homes was 1,767 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 15.7% of existing home closings, down from 22.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.3% in March from 7.2% a year earlier while REO closings as a percentage of existing home closings declined to 6.4% from 14.8% a year earlier.