New home closings fell year-over-year in April in the Harrisburg, CA market, and the decline was by a larger percentage than the March 2016. New home closings moved from 53 a year earlier to 11 after the figure moved from 36 in March 2015 to 15 in March 2016.
A total of 412 new homes were sold during the 12 months that ended in April, down from 454 for the year that ended in March.
New home closings represented 11 out of the 393 total closings, which is a smaller percentage than the 53 of 783 total closings a year earlier. Closings of new and existing homes saw a drop year-over-year in April after remaining steady in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $242,463, down from last year's $297,194. This was on the heels of a 6.7% hike in March year-over-year.
The average mortgage size went down to $214,169 from $240,256 a year earlier. It went from $256,024 to $256,658 from March 2015 to March 2016.
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.
The average unit size of newly sold homes fell from 2,372 square feet a year earlier to 2,033 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.2% of existing closings, lower than 30.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.4% in April from 19.7% a year earlier while REO closings as a percentage of existing home closings dropped to 7.9% from 10.5% a year earlier.