In August, there was a fall year-over-year in new home closings in the Harrisburg, CA market, and the decline was by a larger percentage than the July 2015. New home closings moved from 72 a year earlier to 8 after the figure moved from 64 in July 2014 to 18 in July 2015.
A total of 391 new homes were sold during the 12 months that ended in August, down from 455 for the year that ended in July.
New home closings were 8 out of the 761 total closings, down on a percentage basis from 72 of 631 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also gained year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $241,500, down from $245,570 a year earlier. This came after a 2.8% fall in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $253,740 last year to $213,085 in August 2015. It went from $231,645 to $233,938 from July 2014 to July 2015.
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 2,437 square feet a year earlier to 1,953 square feet.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 20.1% of existing home closings, up from 10.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.2% in August from 2.5% a year earlier while REO closings as a percentage of existing home closings stayed level at 7.8%.