Closings of new homes sank year-over-year in June in the Madera, CA market, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to 8 after the figure moved from 10 in May 2015 to 7 in May 2016.
A total of 118 new homes were sold during the 12 months that ended in June, down from 128 for the year that ended in May.
New home closings represented 8 out of the 193 total closings, which is a smaller percentage than the 18 of 172 total closings a year earlier. For new and existing homes, closings climbed year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average new home value went from $202,700 last year to $246,625. This was on the heels of a 3.2% gain in May year-over-year.
Average mortgage size on new homes went from $191,676 a year earlier to $226,034. Average mortgage size on new homes went from $203,736 in May 2015 to $216,124 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.8% of existing closings, lower than 18.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.5% in June from 7.8% a year earlier and REO closings moved from 11.0% of existing home closings in June 2015 to 10.3% in June 2016.