In February, the Yuba City, CA market saw a drop year-over-year in new home closings, sliding after a growth in January 2013. New home closings moved from six a year earlier to two after the figure moved from two in January 2012 to five in January 2013.
A total of 100 new homes were sold during the 12 months that ended in February, down from 104 for the year that ended in January.
New home closings accounted for two of the 209 total closings, a smaller percentage compared with six of 268 closings a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $230,500, up from $164,767 a year earlier. This was on the heels of a 57.6% hike in January year-over-year.
Average mortgage size on new homes rose from $171,539 to $222,994. Average mortgage size on new homes went from $128,570 in January 2012 to $183,701 in January 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 44.4% of existing home closings, below 74.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.6% in February from 33.6% a year earlier while REO closings as a percentage of existing home closings fell to 31.9% from 40.5% a year earlier.
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