The Redding, CA market saw a drop in new home closings 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 were 3.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 278 total closings. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $302,636 last year to $510,000. This was on the heels of a 9.1% bump 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 drop from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 17.7% of existing home closings, down from 21.0% a year earlier. The percentage of existing home closings involving foreclosures declined 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.