Closings of new homes in the El Centro, CA market climbed year-over-year in December, rebounding from a year-over-year decline in November 2015. New home closings moved from 13 a year earlier to 18 after the figure moved from 15 in November 2014 to 4 in November 2015.
A total of 140 new homes were sold during the 12 months that ended in December, up from 135 for the year that ended in November.
New home closings were 18 out of 138 total closings, making up 13.0%. This is up on a percentage basis from 13 of 128 a year earlier. Closings of new and existing homes climbed year-over-year in December following a fall in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $223,077 last year to $320,417. This was on the heels of a 14.3% gain in November year-over-year.
Average mortgage size on new homes went from $216,282 a year earlier to $300,197. Average mortgage size on new homes went from $219,082 in November 2014 to $309,492 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 18.3% of existing home closings, down from 29.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.3% in December from 12.2% a year earlier while REO closings as a percentage of existing home closings sank to 10.0% from 17.4% a year earlier.