In the Chico, CA market in June, new home closings declined year-over-year, but the decline was less than the year-over-year decline in May. New home closings moved from 10 a year earlier to 2 after the figure moved from 9 in May 2015 to none in May 2016.
Last year, 10 of 342 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 316 total closings. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $431,500, up from $316,860 a year earlier. This followed a.
Average mortgage size on new homes went from $287,428 a year earlier to $356,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes rose from 1,636 square feet a year earlier to 2,726 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 11.8% of closings, below 17.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.5% in June from 7.5% a year earlier while REO closings as a percentage of existing home closings fell to 7.3% from 9.6% a year earlier.