In the El Centro, CA market in March, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in February. New home closings moved from 11 a year earlier to 9 after the figure moved from 7 in February 2015 to 5 in February 2016.
A total of 134 new homes were sold during the 12 months that ended in March, down from 136 for the year that ended in February.
New home closings were 9 of the 98 total closings, up on a percentage basis from 11 of 154 a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $305,622, moving from $308,459 last year. This was on the heels of a 10.8% rise in February year-over-year.
The average mortgage size on new homes was $306,946, up from $285,159. Average mortgage size on new homes went from $257,780 in February 2015 to $261,163 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 21.3% of existing closings, lower than 26.6% a year earlier. The percentage of existing home closings involving foreclosures went from 14.0% in March 2015 to 14.6% in March 2016 and REO closings as a percentage of existing home closings declined to 6.7% from 12.6% a year earlier.