In April, the Chico, CA market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 11 a year earlier to 1 after the figure moved from 16 in March 2015 to none in March 2016.
New home closings represented 1 out of the 268 total closings, which is a smaller percentage than the 11 of 312 total closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $430,000 from last year's $341,545. This was on the heels of a.
From the year-ago figure of $255,954, the average mortgage size on new homes moved up to $344,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 15.4% of existing closings, lower than 19.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.0% in April from 9.0% a year earlier and REO closings moved from 10.3% of existing home closings in April 2015 to 9.4% in April 2016.