Closings of new homes declined year-over-year in February in the El Centro, CA market, but the decline was less than the year-over-year decline in January. New home closings moved from 7 a year earlier to 5 after the figure moved from 4 in January 2015 to 2 in January 2016.
A total of 136 new homes were sold during the 12 months that ended in February, down from 138 for the year that ended in January.
Last year, 7 of 117 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 116 total closings. After declining in January from a year earlier, closings of new and existing homes remained level in February.
Pricing and Mortgage Trends
The average price of new homes rose to $288,900 from last year's $260,800. This followed a 51.6% lift in January year-over-year.
From the year-ago figure of $257,780, the average mortgage size on new homes moved up to $261,163. Average mortgage size on new homes went from $222,438 in January 2015 to $276,000 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.9% of closings, below 24.5% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in February 2015 to 8.1% in February 2016 and REO closings as a percentage of existing home closings slid to 10.8% from 17.3% a year earlier.