In April, the Chico, CA market saw a drop 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. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $341,545 last year to $430,000. This followed 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 fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.4% of existing closings, lower than 19.3% a year earlier. The percentage of existing home closings involving foreclosures slid 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.