The Hanford, CA market saw a drop in new home closings year-over-year in January, a decline following a rise in December 2015. New home closings moved from 15 a year earlier to 7 after the figure moved from 40 in December 2014 to 44 in December 2015.
A total of 263 new homes were sold during the 12 months that ended in January, down from 271 for the year that ended in December.
Last year, 15 of 100 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 83 total closings. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $263,371, an increase from $230,061 a year earlier. This followed a 7.6% fall in December from a year earlier.
Average mortgage size on new homes moved from $227,312 to $227,780. Average mortgage size dropped 5.1% in December 2015 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 January 2016.
The average unit size of newly sold homes rose from 1,701 square feet a year earlier to 1,920 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 36.8% of existing home closings, below 41.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 17.1% in January from 27.1% a year earlier while REO closings as a percentage of existing home closings grew to 19.7% from 14.1%.