In the Redding, CA market in November, closings of new homes declined year-over-year, 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.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 184 total closings. For new and existing homes, closings increased 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 drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 23.9% of existing home closings, down from 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 sank to 8.2% from 12.7% a year earlier.