Closings of new homes increased year-over-year in September in the Madera, CA market, and the increase was greater than August 2015. New home closings moved from 8 a year earlier to 17 after the figure moved from 6 in August 2014 to 8 in August 2015.
A total of 149 new homes were sold during the 12 months that ended in September, up from 140 for the year that ended in August.
New home closings were 17 of the 177 total closings, up on a percentage basis from 8 of 135 a year earlier. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home value went from $210,563 last year to $225,235. This followed a period of relatively little movement in August from a year earlier.
Average mortgage size on new homes moved from $215,171 to $213,181. Average mortgage size on new homes went from $212,157 in August 2014 to $214,302 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 18.8% of existing home closings, below 30.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.4% in September from 18.1% a year earlier while REO closings as a percentage of existing home closings sank to 9.4% from 12.6% a year earlier.