Closings of new homes sank year-over-year in December in the Harrisburg, CA market, but the decline was less than the year-over-year decline in November. New home closings moved from 67 a year earlier to 4 after the figure moved from 62 in November 2014 to 2 in November 2015.
A total of 169 new homes were sold during the 12 months that ended in December, down from 232 for the year that ended in November.
New home closings were 4 out of the 614 total closings, down on a percentage basis from 67 of 636 a year earlier. After rising year-over-year in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $285,767, compared with $294,112 last year. This was on the heels of a 12.9% drop in November from a year earlier.
From the year-ago figure of $230,544, the average mortgage size on new homes moved up to $311,667. Average mortgage size on new homes went from $229,422 in November 2014 to $216,495 in November 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 2,428 square feet a year earlier to 1,609 square feet.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.5% of existing home closings, up from 18.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.9% in December from 7.9% a year earlier while REO closings as a percentage of existing home closings increased to 12.6% from 10.7%.