New home closings in the Chico, CA market dropped year-over-year in April, 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.
Last year, 11 of 312 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 268 total closings. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $430,000 from $341,545 a year ago. This came after 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 appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 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.