In the Redding, CA market, new home closings sank year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 11 a year earlier to 1 after the figure moved from 6 in March 2015 to 4 in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 3.7% a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $510,000 from last year's $302,636. This followed a 9.1% gain in March year-over-year.
Average mortgage size on new homes moved from $279,947 to $278,489. Average mortgage size on new homes went from $235,125 in March 2015 to $286,588 in March 2016.
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.
The average unit size of newly sold homes rose from 1,804 square feet a year earlier to 2,380 square feet.
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. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.7% of closings, below 21.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.7% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings declined to 9.0% from 11.2% a year earlier.