New home closings in the Hanford, CA market grew year-over-year in March, and the increase was greater than February 2016. New home closings moved from 12 a year earlier to 23 after the figure moved from 14 in February 2015 to 19 in February 2016.
A total of 279 new homes were sold during the 12 months that ended in March, up from 268 for the year that ended in February.
New home closings were 23 of the 148 total closings, up on a percentage basis from 12 of 113 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also grew year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $336,374 from last year's $263,958. This followed a 4.8% surge in February year-over-year.
Average mortgage size on new homes increased to $306,235 from $252,183 last year. Average mortgage size on new homes went from $263,342 in February 2015 to $284,585 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.
The average unit size of newly sold homes rose from 1,834 square feet a year earlier to 2,177 square feet.
Foreclosures and real estate owned (REO) closings continued to drop 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 22.4% of existing closings, lower than 33.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.0% in March from 11.9% a year earlier while REO closings as a percentage of existing home closings dropped to 14.4% from 21.8% a year earlier.