New Home Closings Drop in Merced According to Freshest Figures
Posted on: Apr 06, 2014 07:26:37 AM
In the Merced, CA market in January, closings of new homes sank year-over-year, and the decline was by a larger percentage than the December 2013. New home closings moved from 5 a year earlier to 2 after the figure moved from 5 in December 2012 to 3 in December 2013.
A total of 69 new homes were sold during the 12 months that ended in January, down from 72 for the year that ended in December.
New home closings were 2 out of the 169 total closings, a move on a percentage basis from 5 of 253 a year earlier. Closings of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2014.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 31.1% of existing closings, lower than 55.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.4% in January from 28.2% a year earlier while REO closings as a percentage of existing home closings fell to 19.8% from 27.4% a year earlier.