New home closings in the Redding, CA market stayed the same year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 10 from a year earlier after the figure moved from 15 in June 2015 to 13 in June 2016.
A total of 132 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 10 out of the 291 total closings, a move on a percentage basis from 10 of 319 a year earlier. Following a year-over-year increase in June, closings of new and existing homes fell year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $283,950, compared with $292,350 last year. This was on the heels of a 2.9% lift in June year-over-year.
Average mortgage size on new homes moved from $248,622 to $247,666. Average mortgage size on new homes went from $279,756 in June 2015 to $269,961 in June 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 July 2016.
The average unit size of newly sold homes rose from 1,783 square feet a year earlier to 1,843 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 15.7% of existing home closings, above 14.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.8% in July from 5.2% a year earlier and REO closings moved from 9.4% of existing home closings in July 2015 to 8.9% in July 2016.