In July, there was a drop year-over-year in new home closings in the Chico, CA market, and the decline was by a larger percentage than the June 2016. New home closings moved from 9 a year earlier to 1 after the figure moved from 10 in June 2015 to 2 in June 2016.
New home closings were 2.8% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 311 total closings. Following a year-over-year decline in June, closings of new and existing homes also slid year-over-year in July.
The average price of new homes was $473,000, an increase from $364,167 a year earlier. This was on the heels of a 36.2% boost in June year-over-year.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.2% of closings, below 16.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.5% in July from 8.3% a year earlier and REO closings moved from 8.3% of existing home closings in July 2015 to 7.7% in July 2016.