In the El Centro, CA market, new home closings declined year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 15 a year earlier to 4 after the figure moved from 16 in October 2014 to 8 in October 2015.
A total of 133 new homes were sold during the 12 months that ended in November, down from 144 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 4.2% from 13.4% a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $245,367 last year to $280,375. This came after a 32.3% lift in October year-over-year.
Average mortgage size on new homes went from $219,082 a year earlier to $309,492. Average mortgage size on new homes went from $209,762 in October 2014 to $259,405 in October 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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 15.4% of existing home closings, below 30.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.7% in November from 15.5% a year earlier while REO closings as a percentage of existing home closings slid to 7.7% from 15.5% a year earlier.