New home closings in the Redding, CA market slid 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.
New home closings represented 1 out of the 278 total closings, which is a smaller percentage than the 11 of 297 total closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $510,000 from last year's $302,636. This was on the heels of a 9.1% lift 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 decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 17.7% of existing home closings, below 21.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.7% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings dropped to 9.0% from 11.2% a year earlier.