Freshest Numbers For Merced Show New Home Closings Rise
Posted on: Jul 06, 2014 07:23:27 AM
New home closings in the Merced, CA market jumped year-over-year in April, but the increase was less than March 2014. New home closings moved from 5 a year earlier to 8 after the figure moved from 1 in March 2013 to 4 in March 2014.
A total of 62 new homes were sold during the 12 months that ended in April, up from 59 for the year that ended in March.
New home closings were 8 of the 249 total closings, up on a percentage basis from 5 of 287 a year earlier. Following a period of little movement in March from a year earlier, closings of new and existing homes slid year-over-year in April.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2014.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 29.9% of existing home closings, down from 36.2% a year earlier. The percentage of existing home closings involving foreclosures stayed at 14.2% of closings in April from a year earlier while REO closings as a percentage of existing home closings dropped to 15.8% from 22.0% a year earlier.