Closings of new homes in the El Centro, CA market grew year-over-year in August, rebounding from a year-over-year decline in July 2015. New home closings moved from 5 a year earlier to 15 after the figure moved from 10 in July 2014 to 6 in July 2015.
A total of 141 new homes were sold during the 12 months that ended in August, up from 131 for the year that ended in July.
New home closings were 15 of the 141 total closings, up on a percentage basis from 5 of 129 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also jumped year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $283,600 from last year's $212,255. This came after a 18.7% rise in July year-over-year.
The average mortgage size on new homes was $275,201, up from $202,157. Average mortgage size on new homes went from $218,017 in July 2014 to $237,705 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.5% of closings, below 30.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.9% in August from 18.5% a year earlier while REO closings as a percentage of existing home closings fell to 5.6% from 12.1% a year earlier.