There was a rise in closings of new homes in the Yuba City, CA market in July year-over-year, rebounding from a year-over-year decline in June 2016. New home closings moved from 13 a year earlier to 18 after the figure moved from 13 in June 2015 to 4 in June 2016.
A total of 161 new homes were sold during the 12 months that ended in July, up from 156 for the year that ended in June.
New home closings were 18 out of 242 total closings, making up 7.4%. This is up on a percentage basis from 13 of 256 a year earlier. After rising year-over-year in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $315,528, down from $330,199 a year earlier. This came after a 7.4% drop in June from a year earlier.
The average mortgage size went down to $270,341 from $285,470 a year earlier. Average mortgage size on new homes went from $281,383 in June 2015 to $304,876 in June 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 July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.4% of closings, below 18.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.2% in July from 8.6% a year earlier while REO closings as a percentage of existing home closings declined to 7.1% from 9.5% a year earlier.