Recent Numbers Show New Home Sales Fall in Merced
Posted on: Aug 08, 2014 11:35:46 AM
In the Merced, CA market, closings of new homes sank year-over-year in May, a decline following a rise in April 2014. New home closings moved from 13 a year earlier to 9 after the figure moved from 5 in April 2013 to 7 in April 2014.
A total of 57 new homes were sold during the 12 months that ended in May, down from 61 for the year that ended in April.
9 of the 252 total closings were new home closings, a shift on a percentage basis from 13 out of 292 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 30.5% of existing closings, lower than 33.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.1% in May from 11.8% a year earlier and REO closings moved from 21.5% of existing home closings in May 2013 to 21.4% in May 2014.