In July, the Madera, CA market saw a decline year-over-year in new home closings, sliding after a growth in June 2015. New home closings moved from 7 a year earlier to 4 after the figure moved from 9 in June 2014 to 17 in June 2015.
A total of 131 new homes were sold during the 12 months that ended in July, down from 134 for the year that ended in June.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 192 total closings. Following a year-over-year increase in June, closings of new and existing homes also climbed year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $176,375, down from last year's $190,714. This followed a 5.9% hike in June year-over-year.
Average mortgage size on new homes fell from $186,515 to $158,131. Average mortgage size on new homes went from $177,609 in June 2014 to $189,983 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 26.6% of existing home closings, up from 23.0% a year earlier. The percentage of existing home closings involving foreclosures went from 11.8% in July 2014 to 12.2% in July 2015 and REO closings as a percentage of existing home closings rose to 14.4% from 11.2%.