In September, there was an increase in closings of new homes in the El Centro, CA market year-over-year, but the increase was less than August 2015. New home closings moved from 17 a year earlier to 28 after the figure moved from 5 in August 2014 to 15 in August 2015.
A total of 152 new homes were sold during the 12 months that ended in September, up from 141 for the year that ended in August.
Of 145 total closings, 28 were of new homes. This is a bump from 12.9% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also climbed year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 15.9% boost year-over-year to $248,143 per unit in September. This hike is smaller than the 33.6% gain in August year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. It rose to $224,068 in September, a 8.5% surge. Average mortgage size on new homes went from $202,157 in August 2014 to $275,201 in August 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 September 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 23.1% of closings, below 35.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.1% in September from 13.9% a year earlier while REO closings as a percentage of existing home closings slid to 12.0% from 21.7% a year earlier.