The Redding, CA market saw a drop in new home closings year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 9 a year earlier to none after the figure moved from 7 in October 2014 to 4 in October 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 5.2% a year earlier. For new and existing homes, closings gained year-over-year in November after also increasing in October year-over-year.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 1,666 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.9% of closings, below 26.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.8% in November from 13.9% a year earlier while REO closings as a percentage of existing home closings declined to 8.2% from 12.7% a year earlier.