In August, there was a decline year-over-year in new home closings in the Yuba City, CA market, and the decline was by a larger percentage than the July 2012. New home closings moved from 19 a year earlier to 11 after the figure moved from 10 in July 2011 to seven in July 2012.
A total of 92 new homes were sold during the 12 months that ended in August, down from 100 for the year that ended in July.
Out of 272 total closings, 11 were of new homes, which makes up a smaller percentage than the 19 out of 304 total closings last year. Closings of new and existing homes fell year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $196,227 from last year's $187,584. This was on the heels of a 47.9% surge in July year-over-year.
Average mortgage size on new homes increased to $182,672 from $180,539 last year. Average mortgage size on new homes went from $168,748 in July 2011 to $235,800 in July 2012. For new home closings, the percentage of the sale price that was being financed dipped 3.2 percentage points year-over-year to 93.1% in August 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in August 2012. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes fell from 2,179 square feet a year earlier to 2,007 square feet.
Foreclosures and real estate owned (REO) closings fell in August from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 52.9% of existing home closings, down from 74.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 26.8% in August from 35.1% a year earlier while REO closings as a percentage of existing home closings slid to 26.1% from 39.6% a year earlier.
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