New home closings fell year-over-year in February in the Harrisburg, CA market, but the decline was less than the year-over-year decline in January. New home closings moved from 19 a year earlier to 7 after the figure moved from 27 in January 2015 to 4 in January 2016.

A total of 136 new homes were sold during the 12 months that ended in February, down from 148 for the year that ended in January.

New home closings represented 7 out of the 467 total closings, which is a smaller percentage than the 19 of 376 total closings a year earlier. Closings of new and existing homes jumped year-over-year in February following a fall in January year-over-year.

Pricing and Mortgage Trends

The average new home price was $220,208, down from $308,365 a year earlier. This was on the heels of a 1.7% bump in January year-over-year.

The average mortgage size went down to $187,572 from $263,431 a year earlier. Average mortgage size on new homes went from $254,069 in January 2015 to $217,839 in January 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 2,424 square feet a year earlier to 1,921 square feet.

Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 32.8% of existing home closings, up from 22.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.0% in February from 4.2% a year earlier while REO closings as a percentage of existing home closings slid to 14.8% from 17.9% a year earlier.

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