New home closings in the El Centro, CA market remained steady year-over-year in July, remaining relatively stable after moving north year-over-year in June from the year earlier. Closings remained level at 6 from a year earlier after the figure moved from 15 in June 2015 to 22 in June 2016.
A total of 144 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 6 out of the 134 total closings, a move on a percentage basis from 6 of 140 a year earlier. Following a year-over-year rise in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $275,926, an increase from $268,083 a year earlier. This followed a 6.0% rise in June year-over-year.
Average mortgage size on new homes increased to $254,381 from $237,705 last year. In June 2016, average mortgage size on newly sold homes saw a 2.2% boost year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 11.7% of existing home closings, down from 17.9% a year earlier. The percentage of existing home closings involving foreclosures went from 8.2% in July 2015 to 7.8% in July 2016 and REO closings as a percentage of existing home closings sank to 3.9% from 9.7% a year earlier.