Closings of new homes in the Yuba City, CA market jumped year-over-year in September, and the increase was greater than August 2015. New home closings moved from 4 a year earlier to 21 after the figure moved from 6 in August 2014 to 10 in August 2015.
A total of 128 new homes were sold during the 12 months that ended in September, up from 111 for the year that ended in August.
New home closings were 21 out of 215 total closings, making up 9.8%. This is up on a percentage basis from 4 of 205 a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $309,610, down from $342,875 a year earlier. This came after a 18.7% gain in August year-over-year.
The average mortgage size on new homes was $286,021, up from $265,399. Average mortgage size on new homes went from $301,824 in August 2014 to $333,802 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,291 square feet a year earlier to 1,962 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 13.9% of existing home closings, down from 25.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.2% in September from 12.9% a year earlier while REO closings as a percentage of existing home closings slid to 7.7% from 12.9% a year earlier.