The Redding, CA market saw a drop in new home closings year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 5 a year earlier to 2 after the figure moved from 7 in December 2014 to 2 in December 2015.
New home closings represented 2 out of the 161 total closings, which is a smaller percentage than the 5 of 165 total closings a year earlier. After rising year-over-year in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $262,250, down from $276,200 a year earlier. This came after a 31.9% drop in December from a year earlier.
Average mortgage size on new homes rose from $225,560 to $278,489. Average mortgage size on new homes went from $283,709 in December 2014 to $232,354 in December 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 January 2016.
The average unit size of newly sold homes fell from 1,854 square feet a year earlier to 1,697 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 24.5% of existing home closings, below 36.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.6% in January from 20.6% a year earlier while REO closings as a percentage of existing home closings sank to 11.9% from 16.2% a year earlier.