New home closings in the Harrisburg, CA market sank year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 36 a year earlier to 13 after the figure moved from 35 in February 2015 to 21 in February 2016.
A total of 452 new homes were sold during the 12 months that ended in March, down from 475 for the year that ended in February.
Last year, 36 of 588 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 393 total closings. Following a year-over-year increase in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $274,729, down from $283,294 a year earlier. This was on the heels of a 3.4% decline in February from a year earlier.
The average mortgage size moved to $219,448, down from last year's $256,024. In February 2016, average mortgage size on newly sold homes saw a 11.6% drop from a year earlier.
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 2,396 square feet a year earlier to 2,098 square feet.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 23.7% of existing home closings, above 23.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.7% in March from 10.0% a year earlier while REO closings as a percentage of existing home closings slid to 10.0% from 13.4% a year earlier.